The Armadillo self storage group has acquired an established self storage centre in Stockton on Tees, England. This acquisition strongly compliments the existing Armadillo centre in Stockton which is currently over 80% occupied, with the newly acquired centre providing an additional 20,000 sq.ft. of self storage capacity, occupied to approximately 70%. The acquisition has been completed by the Universal Self Storage Unit Trust No.1’s (USS1) UK Armadillo holding company, using existing cash and bank debt facilities.
This latest acquisition brings to 20 the total number of self storage centres jointly owned by USS1 and Universal Self Storage Trust No.2 (USS2) investment trusts, in conjunction with our UK partner Big Yellow Group. This is a doubling in the number of Armadillo centres since the investment strategy commenced in April 2014, with the initial acquisition of the 10 centre Armadillo portfolio.
