StockMarketWire.com - AIM-listed self-storage group Lok'nStore has sold its site in Reading, Berkshire, for an initial consideration of £2.9m. The consideration is a 7.4% premium to the 31 July valuation of £2.7m and will be paid in cash on completion when the store is vacated in 2014.
In addition the group will receive overage, which is dependent on the value of sales achieved on the development of residential properties. Lok'nStore owns an adjacent site in Reading on which it is building a new store to replace its current store.
The new store will have 48,000 square feet of self-storage space, a 20% increase over the existing store. The highly prominent location is directly accessible by the busy main road which connects Reading town centre to the M4 motorway.
Story provided by StockMarketWire.com
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