Sale of Kingston Site

26 Mar 2007 07:03

Lok'n Store Group PLC26 March 2007 26 March 2007 Lok'nStore Group plc ("Lok'nStore") Agrees the sale of Kingston site for £10 million Lok'nStore, the fast growing AIM listed self-storage Company, is pleased toannounce the sale of its Kingston site for £10 million. £6 million is payable on completion in June and the remaining £4 million plusaccrued interest in December. The property was bought for £976,000 in 1996, and stands in the books at£1,331,149. The site was valued in July 2005 by Cushman Wakefield Healey andBaker as an operational self storage site at £2.75 million and as a residentialdevelopment site at £9.15 million in July 2006. The property has been sold to a residential developer and the existingself-storage customers will be transferred to Lok'nStore's other locations closeby. Andrew Jacobs, Chief Executive of Lok'nStore Group said: "We are delighted to have achieved such a good price for our Kingston property,which is at the upper end of our expectations. "The sale of Kingston is in line with our core strategy of continuallyreviewing, and actively managing, our operating portfolio, to ensure we aremaximising its value. This includes strengthening our distinctive brand,increasing the size of our stores, buying in our freeholds, and moving orselling stores when it increases shareholder value." The Company will announce interim results for the half year to 31 January 2007on 23 April 2007. - Ends - For further information: Andrew Jacobs, Chief Executive Tel: 01252 521 010Lok'nStore Group plc Ray Davies, Finance Director Tel: 01252 521 010Lok'nStore Group plc Jonathon Brill/Billy Clegg/Edward Westropp Tel: 020 7269 7157Financial Dynamics Rupert Krefting, Paul Gray Tel: 020 7597 5000Investec This information is provided by RNS The company news service from the London Stock Exchange