May 22, 2024

RWK Goodman advises on sale of Kent Space portfolio to Hines

RWK Goodman has advised the shareholders of self storage and office space provider Kent Space on the sale of Kent Space’s three-asset portfolio, consisting of properties in Ashford, Chatham and Ebbsfleet, to global real estate investment firm Hines, on behalf of Hines European Real Estate Partners III.

The Kent Space sites totalled over 78,000 sq. ft of self storage space and 30,000 sq. ft of office space, comprising 1,449 units. The deal included Hines entering into a simultaneous third-party management agreement with Stor-Age, through its Storage King platform, increasing Storage King’s number of properties under management in the UK to 43, totalling more than 1.9 million sq. ft.

Hines European Real Estate Partners III launched in mid-2022 and raised over €1.6 billion of equity commitment and the transaction represents Hines’ first foray into the European self-storage sector. Hines is seeking to assemble a self-storage portfolio of over £200 million in value, initially focused on the UK but expanding into other European markets over time.

The RWK Goodman transaction team was led by Corporate partner James Worrall, with support from Janetta White, Yasmine Qasim and Alicia Chown (Corporate); Richard Roth and Megan Wilmot (Real Estate); and Tim Gofton (Employment). Hines was advised by BCLP.

James Worrall commented:

“We are delighted to have supported the shareholders on the transaction, having previously advised the Kent Space companies for over 15 years. A complex deal successfully managed to completion involving several of our transactional teams working collaboratively with our clients and other stakeholders involved in the deal. A pleasure working with all involved and congratulations to the former shareholders, Hines and Storage King. We look forward to seeing the Kent Space portfolio going from strength to strength under the new ownership.”

James Canty, on behalf of the former shareholders, commented:

“We were very happy with RWK Goodman’s service throughout the transaction. Their professionalism and dedication were evident at every stage, ensuring we thoroughly understood the complexities of selling a business. We greatly appreciate the collaborative approach taken by the whole RWK team, which ultimately led to a successful completion. It has been a pleasure working with RWK Goodman over the past 20 years, and look forward to our continued relationship.”

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