Stor-Age Self Storage, which operates more than 20 locations in South Africa, has acquired a facility in Port Elizabeth, South Africa, from Rent-A-Storage, a private company created by the Toich Property Development Group. Built in 2010, the 113,000-square-foot property has more than 700 units and was 90 percent occupied at the time of the sale. Next to Old Cape Road and near the Bay West Mall, which is currently under development, the business will be rebranded Stor-Age Green Bushes. It’s next to Old Cape Road and near the Bay West Mall, which is currently under development.
Rent-A-Store gave up its Eastern Cape investments to focus on the Gauteng market, according to company CEO Andre Toich. The acquisition took place via a private transaction between Stor-Age and Rent-A-Store senior management.
With the Port Elizabeth acquisition, Stor-Age now has properties in all six of South Africa's main cities. "High-quality self-storage assets that display the correct fundamentals such as this one are in scarce supply across the South African market," said CEO Gavin Lucas. "This property was very well-developed and managed over the last few years. In line with our strategy of having a national presence in all six South African cities, when this opportunity arose, we moved swiftly to take advantage of it."
Headquartered in Cape Town, Stor-Age operates more than 20 self-storage facilities throughout South Africa.