Kennards Self Storage News & Updates

Category archive: Press Releases

Kennards Self Storage Secures its 80th Centre with Opportunistic Wellington Buy

Kennards-Self-Storage-Thorndon-WellingtonKSS-BadgeAfter falling into receivership in 2012, Storage King Wellington (New Zealand) has finally been sold by the Receivers, with Kennards Self Storage successfully claiming it.

Kennards secured the purchase of the property just prior to Christmas after a second marketing campaign run by Colliers. The Receivers and Colliers first attempt to sell the asset was in July 2012.

For Australian-based Kennards, the Wellington acquisition gives it a 9th New Zealand location and is the company’s 80th across both countries.

Located at 19 Hutt Road, Thorndon it is 2 km’s from Wellingtons CBD and enjoys strong exposure to the motorway. The storage centre has 1,100 spaces and trading at 67% occupancy.

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Kennards Take Over Management of AllStorage Cardiff and Mayfield

Kennards Self StorageKennards will assume management of two additional storage Centres in the Newcastle area. Currently operating as “AllStorage” and located in Cardiff and Mayfield, they will be rebranded and upgraded to Kennards standards.

The properties are owned by the Baudinet family and the two groups had previous dealings in 2011 when Kennards acquired the Baudinet’s small storage centre at Belmont.

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Kennards Complete Buy-Out of Joint Venture

01082010085Kennards Self Storage has now fully acquired Valads interest in their Self Storage Joint Venture. Kennards teamed with Valad in 2004 to acquire Millers Self Storage, which owned 24 storage centres in a deal worth $220 million. The Millers Group was owned by Security Capital European Realty. Security Capital was a diverse investment group with interests in self storage, car parks, hotels and industrial buildings. Their assets spanned U.S.A., Europe and Australia.

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Kennards Sells Tempe Site to IKEA

In a rare asset disposal move Kennards Self Storage has agreed to sell its Tempe (NSW) storage centre to IKEA.

The sale, which was flagged in the media several months ago, has now become certain as IKEA has now elected to proceed with the purchase.

Kennards Self Storage do not have a track record of trading or selling assets and are more like asset accumulators. In 2004, Kennards doubled in size when it acquired Millers Self Storage. Since opening their first location in 1973, Kennards have grown to 69 locations in Australia and New Zealand.

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