Singapore Agrees to Acquire UK Access Self Storage for £1 Billion

A property investment firm controlled by Singapore’s sovereign wealth fund has reached an agreement to purchase Access Self Storage, a British chain of self-storage facilities, for more than £1 billion. CapitaLand, which is primarily owned by Temasek, has finalised a deal, as confirmed by sources familiar with the negotiations.

The sale price is reported to be “just over” £1 billion, though the formal documentation has yet to be signed. Financial sources express concern that the deal may be jeopardised due to the uncertainty stemming from the ongoing conflict in Iran and its potential impact on borrowing costs.

If the transaction proceeds as planned, it would represent a significant financial gain for the Lalji family, who are believed to control Access via their investment vehicle, Precis Advisory. Despite attempts to reach a representative from the Lalji family, no comments have been forthcoming.

Access Self Storage, established over two decades ago, operates 57 facilities across the UK, from Portsmouth to Manchester, with the majority located within the M25 corridor. In its latest financial year ending March 2025, the company reported revenues of £27.9 million, a slight decline from £28.5 million the previous year. Analysts have indicated that the valuation of £1 billion appears steep given the current revenue figures. However, sources suggest that Access owns the freehold for the majority of its properties, enhancing its appeal to prospective buyers.

This sale follows more than a year of being officially on the market, with banking firm JP Morgan facilitating the sale. In January of the previous year, industry reports indicated that other prominent investors, such as Aermont and Shurgard, were also exploring the possibility of acquiring Access Self Storage.

There has been increasing interest from overseas investors in UK self-storage businesses, anticipating growth in a sector that remains relatively undeveloped when compared to more mature markets such as Australia and the United States. For instance, Lok’nStore was acquired by Shurgard in 2024 in a deal valued at nearly £380 million, while Blackstone, the world’s largest commercial property owner, was reportedly in discussions over a £2 billion purchase of Big Yellow before negotiations collapsed just before Christmas.

The Self Storage Association estimates that the UK has only 0.89 square feet of self-storage space available per person, in stark contrast to over 7 square feet per individual in the US. This disparity suggests potential for future growth as demand for self-storage solutions increases in the British market.