London, 29th August 2007 – Jones Lang LaSalle Corporate Finance announced today completion of the sale of the Space Maker Group, a US backed self storage business, to Babcock & Brown for approximately £63 million.  

The Space Maker Group was established in 2000 by property entrepreneurs David Hicks and Dougald McLachlan and currently operates out of ten centres across England totalling approximately 480,000 sq ft of space.  The business employs 50 staff located primarily in London and the South East, with one centre in Leeds.

The Space Maker Group and Babcock & Brown intend to expand the business and grow Space Maker to become one of the leading self storage providers in the UK within the next five years.

David Hicks, Joint Managing Director of Space Maker said: “This is an exciting opportunity for the business and for our new investment partner. There is considerable opportunity in the sector and we are looking forward to implementing our strategic plan and growing the business.”

Tim Edghill, Director, Jones Lang LaSalle Corporate Finance, who led the sale, commented: “We received a great deal of interest in Space Maker from a wide range of investors, who recognised not only the quality of the business and the strength of its revenue stream, but also the potential of the self storage sector in the UK.”

He continued: “The sale demonstrates the interest in alternative asset classes that are cash positive and have dependable revenue streams that outperform traditional rental levels.”

 

More information on Jones Lang LaSalle is available on their website

More information on the Space Maker Group is available from their website

More information on Babcock & Brown is available from their website