PGIM provides €56m loan for UK self-storage expansion

PGIM has provided a new £48 mln (€56.4 mln) senior loan to UK self-storage platform Space Station.

Space Station

This facility refinances and increases PGIM's existing debt with the company.

The enlarged loan, issued through PGIM's real estate senior debt platform, offers Space Station additional capital to pursue new acquisitions, development projects, and asset-level investments, fuelling its next phase of expansion.

Over the past five years, since partnering with institutional investors, Space Station has expanded its portfolio from five owned assets to 17, and has also secured third-party management contracts. This growth has significantly broadened its national presence and reinforced its standing in the UK self-storage market.

PGIM has a decade-long history of financing European self-storage assets across the UK, Ireland, Netherlands, Sweden, Denmark, and Finland.

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.

Kevin Prince, CEO at 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.”