Fundraise of £10 million completed in March 2017
Following a successful fundraise of £10 million, the investee companies have been in the acquisition and establishment phase for the four managed storage sites.
Storage (WM) Ltd
We have previously advised that the proceeds from the sale of the company’s Cannock site would be used to part fund the development of a 46,000 sq. ft. site at Burton. That site became fully operational in August 2020 and we are pleased to report that trading since launch has far exceeded expectations on both key measures (occupancy and yield).
Storage (NW) Ltd
We have previously advised that the proceeds from the sale of the company’s Bolton site would be used to fund the development of a 38,000 sq. ft. facility in Wigan.
Despite the Government’s restrictions following the Coronavirus outbreak, the development was completed with relatively minor delays and became fully operational during December 2020. Since opening the facility has traded very well and is ahead of budget on both key measures (occupancy and yield).
Please see www.surestore.co.uk for further information on the Burton and Wigan sites.
Ongoing Costs and Charges
Investors do not pay an annual management charge. Instead, the investee companies pay the Fund Manager 2% p.a.
Investors pay an annual custodial fee to the Fund’s Custodian. This is deducted form the amount set aside when they originally invested.
- Up until April 2021, the Custodian was The Share Centre who charged £25 p.a. per holding on a quarterly basis (with the last payment made in April 2021).
- From April 2021, the Custodian is Woodside Corporate Services who charge £35 p.a. per investor plus VAT.