Storage firm sells £3m site

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SELF-STORAGE company Lok’nStore Group has completed the sale of a site in Portsmouth for £3m.

The deal for the North Harbour site was announced in November 2014 but was conditional upon the buyer obtaining the requisite planning approvals.

Andrew Jacobs, chief executive, said: ‘The completion of this sale is another step in the continued expansion of our operating business while keeping a tight lid on leverage.

‘The proceeds will be recycled into our exciting programme of new purpose built landmark stores.

‘Our recently opened stores in Chichester, Southampton and Bristol are trading well and we look forward with confidence to further store openings in Wellingborough, Gillingham and elsewhere.’

The company said the proceeds of the transaction will be put into projects such as its new stores.