South Africa self-storage operator Stor-Age has completed its acquisition of eight facilities in the Pretoria area from Public Storage, a South African competitor that is unaffiliated with the U.S. real estate investment trust with the same name. Stor-Age initiated the purchase in May and will rebrand the properties under its trade name.
The acquisition is the largest self-storage transaction completed in the South African market, according to a company press release.
The portfolio comprises 63,000 square meters of storage space with another 17,000 square meters approved for development, company officials said. The facilities have an average occupancy rate of 95 percent.
"We've been in discussions with Public Storage for some time, and we are pleased to have concluded this deal, said Gavin Lucas, CEO. Together with our presence in Centurion and our high-profile, big box self-storage facilities being developed in Brooklyn and Six Fountains, the newly acquired eight-property portfolio will provide Stor-Age with a significant and well-established trading platform in the Pretoria region."
Established in 1996, Public Storage will reportedly retain one remaining facility in its portfolio, which operates as its head office in Wonderboom, a northern suburb of Pretoria.
Last month, Stor-Age acquired a property in Port Elizabeth from Rent-A-Storage, which expanded the companys footprint to include all six of South Africa's primary municipal markets. Headquartered in Cape Town, Stor-Age operates more than 20 self-storage facilities throughout the country.