Lok'n Store receives additional payment for sale of Reading facility

4th Aug 2015 12:33

(ShareCast News) - Self-storage provider Lok'n Store Group has received £2m from the buyer of its former storage facility in Reading, after it agreed to default its rights to receive additional payments related to the sale of the property.The London-listed property received £2.9m upon completion of the transaction in 2014, meaning the additional payment will bring the total value of the deal to £4.9m and the company has already indicated the proceeds will be used to open new purpose-built stores."This is great news on our Reading site and new store," said group chief executive Andre Jacobs."These additional proceeds will be recycled into our opening programme of highly visible purpose-built new stores."Lok'n Store shares were down 0.35% to 286.50p at 1142 BST on Tuesday.