asb law has acted for the shareholders of long-term client Big Box Self Storage in its sale to US operator StorageMart for in excess of £100 million. A deal which is believed to be the largest-ever single self-storage transaction in the UK.
Big Box has 15 storage centres across the South East of England, totalling nearly 700,000 square feet of storage and employs over 50 staff. The business has been sold to StorageMart, which is the world's largest privately-owned storage company with 189 storage facilities and 12.4 million square feet of rentable storage space in the US, Canada and now the UK.
The multi-disciplined legal team at asb law was led by Partner, Claire Williams, supported by Corporate Finance Solicitor, Nikki Ashfield, and Real Estate Solicitor, Lauren Kelly. Claire Williams, commented: "We are delighted to complete this complex deal for our long-term client, noteworthy for its size and cross-border investment. We've been working with Big Box since its inception, supporting continued revenue growth and portfolio expansion across the South East. It was great to see the results of this work culminate in a successful sale to StorageMart, which takes the business into its next stage of development."
Cris Burnam, President of StorageMart, commented: "Big Box is an important entrance into the United Kingdom for StorageMart. We plan to use the substantial self-storage platform to grow within the UK. These are great locations in solid markets, and we look forward to applying our technology platform and revenue management strategies at these stores."
asb law and Jones Lang LaSalle advised Big Box. StorageMart was advised by Clifford Chance.