PGIM Provides £48M Senior Loan to Space Station Self-Storage Portfolio in UK Refinancing
PGIM has advanced a £48 million senior loan to UK self-storage platform Space Station, refinancing and upsizing its existing debt facility with the company, the firms announced June 16.
The transaction was completed on behalf of PGIM's real estate senior debt platform and builds on an existing lending relationship between the two parties. The upsized facility is intended to provide Space Station with additional capital to pursue acquisitions, development opportunities and asset-level investment across its portfolio.
Deal Details and Strategic Rationale
The refinancing increases PGIM's loan position with Space Station and reflects what PGIM described as continued confidence in both the operator and the broader UK self-storage sector. PGIM has been lending against European self-storage assets for more than a decade, with exposure across the UK, Ireland, Netherlands, Sweden, Denmark and Finland.
"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," said James Day, executive director, European Senior Debt Originations, Real Estate at PGIM. "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."
Day added that PGIM's senior debt strategy remains focused on "providing flexible capital solutions backed by defensive real estate and experienced operating partners in sectors with strong structural fundamentals."
Space Station's Growth Trajectory
Space Station is described by PGIM as one of the UK's leading self-storage platforms. Since partnering with institutional capital five years ago, the company has grown from five owned assets to 17, while also adding third-party management contracts. That expansion has broadened its national footprint.
Kevin Prince, CEO at Space Station, said the refinancing extends and expands the company's relationship with PGIM. "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," Prince said.
"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," Prince added. "Demand fundamentals within UK self-storage remain compelling and we remain focused on creating long-term value through operational excellence and disciplined capital allocation."
About PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.4 trillion in assets under management as of March 31, 2026. The firm's real estate business ranks among the world's largest real estate investment managers by AUM, according to a Pensions & Investments ranking published in November 2025. PGIM operates across more than 40 offices in 20 countries and serves both retail and institutional clients globally.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.
Sources
PGIM Press Release: PGIM Increases Space Station Loan Position with £48M Facility (June 16, 2026)