RWK Goodman’s Capital Markets Team Acts on Lok’nStore’s £20.5m Placing
RWK Goodman has acted for AIM quoted Lok’nStore Group plc in relation to its £20.5 million fundraising. The fundraising was undertaken by way of an institutional placing by the company’s brokers, finnCap and Peel Hunt, and a retail offer to existing shareholders through the REX platform.
This transaction was an important one for Lok’nStore as it seeks to enhance its position within the UK’s self-storage market which continues to grow but remains under-developed compared to the US and Australia. The net proceeds of the Fundraising will support the continued development of the group’s secured pipeline of eight owned sites, as well as providing a pool of capital with which to secure further sites whilst maintaining the group’s conservative approach to debt.
Andrew Jacobs, Chair of Lok’nStore said, “I would like to thank existing shareholders for their support and welcome new shareholders to the Company. This funding will support the growth of the company in the structurally under-supplied UK self-storage market. Our pipeline will, when fully operational, add 37.7% to available space, which, as those new stores fill up, will generate more cash flow for future growth investment and increased distributions to shareholders.”
The RWK Goodman team was led by Capital Markets partners Richard Pull and Joanna Higton with support from Hector Freyne and Will Bartolli-Edwards. McCarter & English provided US Securities Law advice to the Company and Dorsey acted for the brokers.