Stor-Age Property REIT, which operates self-storage in South Africa and the United Kingdom, has opened a new multi-story facility in Bryanston, South Africa, the company’s 50th location in the country, according to a press release. The property at 1 Vlok Road comprises 65,659 square feet of space in 610 units. Stor-Age now operates 20 locations and more than 1.3 million gross leasable area in the Gauteng region, the release stated.
The company’s goal is to grow its services in key suburbs that host established retail, residential and business spaces. “The opening of the Bryanston Stor-Age store reflects the growth trajectory of our service. We aim to meet the needs of the SME [small and medium-size enterprises], household, business and student sectors, and this development demonstrates the success of this growth and reflects the necessity for the self-storage industry,” said CEO Gavin Lucas. “We are extremely positive about the Bryanston development as it extends our valuable service to new communities in Bryanston and neighboring Riverclub, Morningside and the broader Sandton area.”
Earlier this week, Stor-Age also agreed to acquire 12 properties that are currently part of its management portfolio. The company will purchase Roeland Street Investments 2 and Roeland Street Investments 3 for a combined R58 million. The sites comprise about 88,000 square meters of gross leasable space in Cape Town, Durban, Johannesburg, Port Elizabeth and Pretoria, South Africa. The deal is expected to close around Oct. 1, according to the source.
Headquartered in Cape Town, Stor-Age was established in 2005 by Stor-Age Property Holdings Pty. Ltd. to acquire, develop and manage self-storage assets. Today, Stor-Age operates a 63-property portfolio, primarily in four South African metropolitan areas, that comprise approximately 407,000 square meters. It acquired U.K. operator Storage King in 2017. The company was listed on the Johannesburg Stock Exchange in November 2015.