Stor-Age Self Storage recently acquired The Storage People (TSP) in Midrand, Johannesburg, South Africa.
Situated in a prime location with exposure onto Allandale Road, TSP consists of more than 7,000 square metres of self-storage space and 400 units. The facility was developed during 2007 and has an occupancy level of 90 percent.
The transaction, financed by Nedbank Corporate Property Finance, will be finalized in November.
"Stor-Age is delighted to have successfully completed this acquisition,” said CEO Gavin Lucas. “We believe the store will complement our existing portfolio and will allow us to significantly grow our market share in the Gauteng region."
Headquartered in Cape Town, Stor-Age Self Storage is the largest self-storage company in South Africa.