Storage firm expands with £30.2 million support

A storage unit operator is expanding with a £30.2 million loan.

STOREX Self Storage is opening sites in Surrey and Brent following backing from digital bank OakNorth.

Bosses say the bases in Sunbury and Cricklewood will deliver nearly 2500 units of varying sizes, and add to existing sites in Brentford, Watford and Loughton.

Jay Patel, associate director at global investment manager EQT Exeter, which oversees STOREX Self Storage, said: “Our mission when we launched STOREX was to offer consumers and businesses a digital and sustainable storage solution.

“OakNorth demonstrated an in-depth knowledge of the UK’s self-storage market throughout the entire transaction.”

Greg Manson, director of debt finance at OakNorth, added: “This project 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 homes to accommodate hybrid working or are unable to upsize.

“EQT has an impressive management team and reputation, and this transaction represented the perfect opportunity to become part of its growth journey.”

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