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South African Self-Storage Operator Stor-Age Will Build Bloemfontein Facility


South African self-storage operator Stor-Age will develop a new purpose-built self-storage facility in Bloemfontein in the Free State. Bloemfontein is one of South Africa's three capital cities and is in the central part of the country.

The new store will be financed by Nedbank Corporate Property Finance and built by the Madison Construction Group in two phases. The facility will have two floors more than 22,600 square feet of self-storage space and contain more than of 500 self-storage units ranging in size from 9.8 to 90.8 square feet. It will be located within an eight-minute drive of the city's central business district and a three-minute drive of the city's airport.

Based in Cape Town, Stor-Age completed its first self-storage facility in late 2007. The company now has more than 255 million rand (just more than $38 million) of property under management, with six new stores coming to the market this year.

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