Space Station secures £48m senior loan from PGIM

UK self-storage platform Space Station has secured a £48m senior loan from PGIM to refinance and upsize its existing debt facility with the company.

The upsized facility provides Space Station with additional capital capacity to pursue further acquisitions, development opportunities and asset-level investment, supporting the next phase of the company’s growth.

James Day, executive director, European senior debt originations, real estate at PGIM, said: “Space Station has assembled a high quality self-storage platform with a strong operating track record, and this expanded financing reflects our continued confidence in both the business and the sector. Self-storage remains a key thematic focus for PGIM across the UK and Europe, supported by resilient demand dynamics, limited supply and long-term growth characteristics.

“Through our senior debt strategy, we remain focused on providing flexible capital solutions backed by defensive real estate and experienced operating partners in sectors with strong structural fundamentals.”

Kevin Prince, CEO of Space Station, added: “PGIM has been an important financing partner to Space Station and we are delighted to extend and expand that relationship through this refinancing. Their continued support reflects confidence in both the quality of the portfolio and the strength of the platform we have built together over recent years.

“This enhanced facility provides the capacity to continue executing our growth strategy in a disciplined way through selective acquisitions, development and targeted investment across our existing stores. Demand fundamentals within UK self-storage remain compelling and we remain focused on creating long-term value through operational excellence and disciplined capital allocation.”