- Self-storage company Lok'nStore said Monday it had acquired two new freehold sites based in Cardiff and Herefordshire as part of its strategy of developing landmark stores.

Lok'nStore acquired a property in a 'prominent' location in Cardiff on the Penarth Road and a 2.2-acre development site in Hertfordshire.

The refurbishment of the existing building and fit out of the Cardiff store would cost circa £5m, and is expected to get underway shortly, with a store opening date slated for early 2019, delivering around 45,000 lettable feet.

The company said it plans to develop the Hertfordshire site into a 60,000 square foot landmark store, with building expected to get underway in Autumn 2019.

The net capital expenditure of the Hertfordshire project would be in the range of £7m to £10m and the store would open in late 2020, Lok'nStore said.

The two new stores would take Lok'nStores's total secured pipeline to 9 landmark stores, increasing its owned freehold trading space pipeline by 39% and managed store portfolio by 54%, delivering a total 32% increase to its overall trading space.

'We are delivering our objective of growing rapidly by acquiring sites to develop new landmark stores from the balance sheet and to increase the number of stores we manage under the Lok'nStore brand for third parties,' said Andrew Jacobs, CEO of Lok'nStore.

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