Belgian self-storage company Shurgard has agreed to buy UK-listed rival Lok'nStore in a deal worth £378m.
Shurgard has agreed to spend 11.10 pounds in cash for each Lok'nStore share, which it said represents a 15.9% premium to its closing price on April 10.
"The acquisition will allow Shurgard to increase its footprint in the two most attractive target markets outside of London," the company said in a statement.
Expected to be completed in July, the deal will add 32 Lok'nStore properties in the South East of England and five more in Manchester.
