Stor-Age Property REIT, a real estate investment trust that operates self-storage in South Africa and the United Kingdom, has formed a joint-venture partnership with South Africa lender Nedbank Corporate and Investment Bank to develop two facilities in Bryanston and Morningside, South Africa. The R200 million self-storage projects will comprise 12,100 square meters. Construction is expected to begin in the second half of the Stor-Age 2022 fiscal year, which runs October to March, according to a source.
Stor-Age will own a 50.1% stake in the partnership, with Nedbank holding the balance. The properties will be managed by Stor-Age and branded under its name. Under the agreement, the REIT will receive development and management fees as well as the pre-emptive right to acquire the assets once “predefined operating criteria has been met,” a source reported. The projects were previously part of eight developments Stor-Age had in its South Africa pipeline.
Stor-Age also announced it acquired two Silver Park Self-Storage properties in suburbs of Cape Town for R60.1 million. The properties comprise 7,680 square meters. The transaction is expected to close before year-end, according to a source.
Last fall, Stor-Age formed a £100 million joint venture with London-based real estate fund manager Moorfield Group to expand its existing Storage King portfolio in England.
Headquartered in Cape Town and established in 2006 by the Lucas Family, Stor-Age operates a portfolio of more than 50 self-storage locations, primarily in four South African metropolitan areas. 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.