Travers Smith LLP has advised long-standing client Safestore Holdings plc on its £56 million acquisition of Stork Self Storage (Holdings) Limited (trading as Alligator Self Storage) from a company controlled by funds managed or advised by York Capital Management.
Alligator is the eleventh largest self-storage portfolio in the UK with 12 stores with a maximum lettable area of 563,000 sq ft. Alligator's stores, which are geographically complementary to the existing Safestore estate, are located in London (Camden), the South East of the UK (Fareham, Farnham, Luton, Southampton and Winchester), Birmingham (three stores), Bolton, Bristol and Nottingham.
The Acquisition will reinforce Safestore's position as the UK's largest self storage group by number of sites with a combined total of 120 stores, 67 of which will be in London and the South East.
The consideration of £56 million (subject to customary working capital adjustments) is payable on completion of the acquisition, which is expected to be 1 November 2017.
The Travers Smith team was jointly led by Corporate Finance Partners Anthony Foster and Andrew Gillen, with support from Senior Corporate Associate Jamie Lumsden and Corporate Associate Ceilidh Thomson. Specialist tax advice was provided by Tax Partner Simon Yates and Senior Tax Associate Maddy Gowlett. Real Estate advice was provided by Real Estate Partner Emma Pereira and Associate Tony Dosanjh. Commercial advice was provided by Commercial, IP and Technology Partner Ben Chivers, Senior Associate Sonny Mallet and Associate Richard Offord. Finance advice was provided by Finance Partner Danny Peel and Finance Senior Associate Jamie Parish.
York was advised by Berwin Leighton Paisner LLP and Ready Steady Store Limited, the incumbent manager for the Alligator portfolio, was advised by Mishcon de Reya LLP.