- Created by global investment manager, EQT Exeter, STOREX provides premium sustainable self-storage sites across Greater London;
- The £30.2m loan from OakNorth will be used to develop and operate two new self-storage sites in Sunbury, Surrey and Cricklewood, London Borough of Brent;
- Demand for self-storage units is rising with operator revenues rising 6.5% to £990m, as more people unable to upsize are choosing to put their possessions elsewhere[1].
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £30.2m loan to STOREX Self Storage.
Established by global investment manager, EQT Exeter, STOREX Self Storage is developing and operating fully digitized, premium and competitively priced storage facilities throughout Greater London, including Brentford, Watford, and Loughton. Environmental sustainability is a key focus, with all locations aiming for BREEAM Excellent certification, operational zero carbon readiness, and significant net biodiversity gains.
The £30.2m loan from OakNorth will be used to develop and operate two new purpose-built self-storage sites in Sunbury, Surrey and Cricklewood, London Borough of Brent. Both sites will offer an app-based entry system, and a combined total of 2,421 units of varying sizes, ranging from 16 sq. ft. for minimal storage needs, to large units totalling 300 sq. ft. in size.
Jay Patel, Associate Director, Debt Capital markets Living Strategies at EQT Exeter, commented: “Our mission when we launched STOREX was to offer consumers and businesses with a digital and sustainable storage solution, with cutting edge technologies and security. OakNorth demonstrated an in-depth knowledge of the UK’s self-storage market throughout the entire transaction, as evidenced by its growing reputation of supporting leading providers within the industry.
Greg Manson, Director of Debt Finance at OakNorth, added: “We were delighted to support STOREX on this project as it emphasises our strong ambitions to do more to support the UK’s self-storage industry. The market continues to experience significant growth, driven by people who are reconfiguring their homes to accommodate hybrid working or unable to upsize and instead choosing to put their possessions elsewhere. EQT has an impressive management team and reputation as a leading global sponsor, and this transaction represented the perfect opportunity to become part of its growth journey.”
ENDS
Notes to editors
[1] The Guardian – Housing crisis drives £1bn-a-year boom in UK self-storage
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market (businesses with £1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £11bn to these businesses, directly helping with the creation of 40,000 new jobs and 29,000 new homes across the UK;
- Provide deposit services to over c.285,000 savers.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
Media contact
Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588
[1] The Guardian – Housing crisis drives £1bn-a-year boom in UK self-storage