Stor-Age Property REIT, which operates self-storage facilities in South Africa and the United Kingdom, has entered a R95-million transaction for the development and acquisition of a new property in Craighall, Johannesburg, South Africa. Valued at R19 million, the facility will comprise 2,393 square meters and serve the communities of Blairgowrie, Craighall, Craighall Park, Dunkeld and Hyde Park. Expected to be complete in mid-2019, it’s is one of five projects in the company’s pipeline, according to the source.
“The transaction structure aligns with Stor-Age’s measured approach to the risk profile of new developments, which focuses on opportunity while limiting downside risk for distributions growth profile over the medium term,” said CEO Gavin Lucas.
Stor-Age also recently acquired a facility in Crewe, England, for £7.74 million, the source reported. The company entered the U.K. self-storage market last fall with the purchase of the Storage King portfolio for approximately £77.13 million. The deal included 13 owned facilities and 12 properties under licensing and management agreements, primarily in Southeast England.
Headquartered in Cape Town and established in 2006 by the Lucas family, Stor-Age operates a 62-property portfolio, primarily in four South African metropolitan areas, that comprises approximately 300,000 square meters. It’s the operator appointed by Stor-Age Property Fund Managers Pty. Ltd. to manage and market the property portfolio owned by Stor-Age Property Holdings Pty. Ltd., and was listed on the Johannesburg Stock Exchange in November 2015.