Lok N Store Regulatory News (LOK)

28 Sep 2005 07:01

Lok'n Store Group PLC28 September 2005 28 September 2005 Lok'nStore Group plc Store Portfolio Update The Board of Lok'nStore Group plc ("Lok'nStore" or "the Company") is pleased toannounce the acquisition of a new freehold site at Crayford in South-EastLondon, taking the number of Lok'nStore self-storage sites to 21. The new-build site will provide up to 70,000 lettable square feet and is in ahighly visible location between Crayford, Dartford and Erith. The store isscheduled to open before the end of the calendar year. In addition construction of the new 58,000 square foot freehold storeover-looking the M3 at Farnborough, (Hampshire) is progressing well, withopening expected early in the New Year. Following the granting of planning permission for the building of high-densityresidential flats at Kingston last year, the Board is actively pursuingnegotiations on the potential sale of the site. Andrew Jacobs, CEO of Lok'nStore Group plc said: "We are delighted that these two new freehold stores are in such prominentpositions and will be trading by the new year. They will add 128,000 square feetof lettable self-storage space, taking Lok'nStore to a total of around 920,000lettable square feet, an increase of 16%. Our established (over 250 weeks old)freehold stores achieved annualised EBITDA per square foot of £6.31 in the halfyear to January 2005, on an average store size of 44,000 square feet." Ends For further information, call: Andrew Jacobs, CEO, Lok'nStore 020 8547 2288Ray Davies, FD, Lok'nStore 020 8547 2288Billy Clegg, Financial Dynamics 0207 831 3113Rupert Krefting, Investec 020 7597 5133 This information is provided by RNS The company news service from the London Stock Exchange