Head leasehold acquisition

Lok'n Store Group PLC
16 April 2004


LOK'NSTORE GROUP PLC

('Lok'nStore' or 'the Company')

Poole head leasehold acquisition with option to purchase freehold

The Board of Lok'nStore, one of the leading companies in the fast-growing self-
storage market, is delighted to announce  that the Company has acquired the head
leasehold interest in its Poole site for £2.55 million (the 'Headlease'). The 
Headlease contains an option to purchase the freehold of the site for the sum of
£1 exercisable at any time after 20th  August 2010, and includes not only the
sublease held by Lok'nStore but also an additional sublease which is currently 
leased to a third party.

The effect of this transaction on Lok'nStore's profit and loss account is
broadly neutral. The combination of eliminating Lok'nStore's rent payable and
the additional rental income from the third party sublease immediately covers
the interest charge on the additional debt assumed to fund the total purchase
cost of the Headlease.

Andrew Jacobs, Chairman of Lok'nStore, commented:

'Poole is a profitable centre and securing the option on the freehold removes
the prospect of a significant rent rise  anticipated at renewal in 2005, and
protects the income stream and the development of it, into perpetuity. In
addition,  Lok'nStore's balance sheet will now benefit from any upward
revaluation of the site either by an uplift in the earnings  or alternative
use.'

16 April 2004


ENQUIRIES:

Lok'nStore Group PLC
Ray Davies, Finance Director                        020 8247 1861

College Hill
Crawford Burden                                     020 7457 2020


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