Document Actions
BBGP invests in UK bulk and retail self storage company
29.08.07
Babcock & Brown Global Partners (“BBGP”) announces that it has invested, alongside Babcock & Brown (ASX:BNB), in Space Maker, a UK based self storage operator. Babcock & Brown issued the following press release on 29 August 2007 in relation to the deal:
29.08.07
BABCOCK & BROWN ACQUIRES UK BULK AND RETAIL SELF STORAGE COMPANY
International investment and advisory firm Babcock & Brown (ASX:BNB) and its unlisted investment fund Babcock & Brown Global Partners announced today that they have entered into an agreement to acquire Space Maker, a UK based self storage operator, for approximately £63 million.
Since its inception in 2000, Space Maker has expanded to operate from ten strategically located centres in the UK, nine located in the South of England with one centre in Leeds. Five centres are freehold and five are leasehold with the majority located in undersupplied markets. The Company has a net lettable area of 484,431 sqft with a further 52,659 sqft (10.9%) available for conversion from bulk to more profitable retail storage during the next two years.
The senior management of Space Maker have a proven track record in the self storage business in the UK having previously helped develop the UK’s No 2 self storage business prior to founding Space Maker. The management team will remain at Spacemaker and will help manage and grow the business.
Andrew Dawson, a member of the Real Estate Division at Babcock & Brown said, “This transaction provides Babcock & Brown with the opportunity to acquire a solid operating business platform in an industry that is undergoing significant, sustainable growth, with a diversified risk profile. The management, who have established Space Maker from scratch, have considerable experience in the sourcing and management of self storage assets. The business is therefore well positioned for expansion through both site acquisitions and the conversion of bulk to retail space.”
Eric Lucas, Global Head of Real Estate at Babcock & Brown, said, “This acquisition is consistent with Babcock & Brown’s strategy of building an international portfolio of self storage assets in markets where we can find and create value through development, refurbishment and acquisition, particularly through our own operating platforms. On completion of this transaction Babcock & Brown will own 37 self storage properties across North America, Asia and the UK.”
For further information please contact:
Marwan El-Asmar
Babcock & Brown Global Partners
Tel: +44 20 7203 7300
About Babcock & Brown Global Partners
Babcock & Brown Global Partners ("BBGP") is a €370 million co-investment fund with Babcock & Brown. BBGP has been established to invest exclusively in transactions originated and structured by Babcock & Brown on a global basis. BBGP has the right to participate in equity opportunities that Babcock & Brown are seeking to syndicate to third party investors.
About Babcock & Brown:
Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments.
Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange. Babcock & Brown operates from 29 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 1250 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. The company has established a funds management platform across the operating divisions that has resulted in the creation of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure.
Babcock & Brown Global Partners (“BBGP”) announces that it has invested, alongside Babcock & Brown (ASX:BNB), in Space Maker, a UK based self storage operator. Babcock & Brown issued the following press release on 29 August 2007 in relation to the deal:
29.08.07
BABCOCK & BROWN ACQUIRES UK BULK AND RETAIL SELF STORAGE COMPANY
International investment and advisory firm Babcock & Brown (ASX:BNB) and its unlisted investment fund Babcock & Brown Global Partners announced today that they have entered into an agreement to acquire Space Maker, a UK based self storage operator, for approximately £63 million.
Since its inception in 2000, Space Maker has expanded to operate from ten strategically located centres in the UK, nine located in the South of England with one centre in Leeds. Five centres are freehold and five are leasehold with the majority located in undersupplied markets. The Company has a net lettable area of 484,431 sqft with a further 52,659 sqft (10.9%) available for conversion from bulk to more profitable retail storage during the next two years.
The senior management of Space Maker have a proven track record in the self storage business in the UK having previously helped develop the UK’s No 2 self storage business prior to founding Space Maker. The management team will remain at Spacemaker and will help manage and grow the business.
Andrew Dawson, a member of the Real Estate Division at Babcock & Brown said, “This transaction provides Babcock & Brown with the opportunity to acquire a solid operating business platform in an industry that is undergoing significant, sustainable growth, with a diversified risk profile. The management, who have established Space Maker from scratch, have considerable experience in the sourcing and management of self storage assets. The business is therefore well positioned for expansion through both site acquisitions and the conversion of bulk to retail space.”
Eric Lucas, Global Head of Real Estate at Babcock & Brown, said, “This acquisition is consistent with Babcock & Brown’s strategy of building an international portfolio of self storage assets in markets where we can find and create value through development, refurbishment and acquisition, particularly through our own operating platforms. On completion of this transaction Babcock & Brown will own 37 self storage properties across North America, Asia and the UK.”
For further information please contact:
Marwan El-Asmar
Babcock & Brown Global Partners
Tel: +44 20 7203 7300
About Babcock & Brown Global Partners
Babcock & Brown Global Partners ("BBGP") is a €370 million co-investment fund with Babcock & Brown. BBGP has been established to invest exclusively in transactions originated and structured by Babcock & Brown on a global basis. BBGP has the right to participate in equity opportunities that Babcock & Brown are seeking to syndicate to third party investors.
About Babcock & Brown:
Babcock & Brown is a global investment and advisory firm with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments.
Babcock & Brown was founded in 1977 and is listed on the Australian Stock Exchange. Babcock & Brown operates from 29 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 1250 employees worldwide. Babcock & Brown has five operating divisions including real estate, infrastructure and project finance, operating leasing, structured finance and corporate finance. The company has established a funds management platform across the operating divisions that has resulted in the creation of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure.