Stor-Age Property REIT, which operates self-storage facilities in South Africa and the United Kingdom, has acquired All-Store Self Storage Pty. Ltd. in Cape Town, South Africa, for R52M. The property comprises 5,500 square meters of rentable space. Positioned on a busy intersection with high visibility, it serves the areas of Belville, Brackenfell and Kuils River. The property also has room for expansion, according to the source.
Stor-Age has been interested in buying the facility, which opened in 2006, for seven years. "We first met the seller seven years ago and expressed an interest in buying them out,” Stor-Age CEO Gavin Lucas told the source. “We’ve positioned ourselves as a viable exit option for private developers of storage assets. We understand how to price the assets across the market."
Elsewhere in South Africa, Stor-Age is nearing completion on a new property in Bryanston and recently began construction on a facility in Randburg.
Headquartered in Cape Town and established in 2006 by the Lucas family, Stor-Age operates a 68-property portfolio, primarily in four South African metropolitan areas, that comprises approximately 392,500 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.
BusinessDay, Stor-Age expands Cape operation