Stor-Age Invests in Solar, Other Environmental Projects Across South Africa/UK Self-Storage Portfolio

Stor-Age Property REIT, a real estate investment trust that operates self-storage in South Africa and the United Kingdom, has completed 30 solar-panel installations across its portfolio, including 26 in South Africa. The initiative, which began in 2015, has generated more than 2.2 million kilowatt hours of energy. The company intends to expand its investment in solar and other environmental programs, according to the source. It has already spent R170 million and has earmarked another R8 million.

“In line with our continued focus on reducing our carbon footprint, 30 of our 86 properties are now fitted with solar-photovoltaic installations, with an additional 14 properties in both markets identified for solar investment,” said Chris Oosthuizen, chief marketing officer. “We remain committed to further reducing the already low environmental impact of our properties in South Africa and the U.K.”

In addition to solar installations, Stor-Age is investing in LED lighting, waste management and water-saving initiatives, including the use of an online monitoring system that identifies abnormal water use or leaks in real time. Thus far, 46 self-storage locations are connected to that platform, with another five to be added in the near future, the source reported.

An internal audit recently indicated the company had reduced its carbon footprint in South Africa by 13%. “Our buildings are more than just bricks and mortar,” Oosthuizen said. “We strive to improve each and every aspect of our properties to not only comply with changing environmental legislation but to set the highest standard for sustainability in the self-storage sector.”

Headquartered in Cape Town and established in 2006 by the Lucas Family, Stor-Age operates a portfolio of 56 self-storage locations in South Africa. In the U.K., it owns the Storage King brand, which comprises 30 self-storage properties. 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.

Source: Moneyweb, Stor-Age’s Solar Power Investments Reach R170M