Stor-Age, the largest operator of self-storage facilities in South Africa, has acquired Lotto Lotto Storage in Boksburg, Johannesburg. The facility consists of more than 6,700 square meters of gross rentable area and 400 units. It was developed in 2007 and trades at occupancy levels of more than 95 percent.
The Lotto property lies in a residential area, with proximity to the East Rand Value Mall and other commercial and retail activity. It enjoys exposure to the N12 highway.
"We are very pleased to have completed this transaction, said CEO Gavin Lucas. The acquisition forms part of our broader market-consolidation strategy and provides us with significant presence on the East Rand." This acquisition will significantly grow Stor-Age's market share in the Gauteng region, according to a press release.
Stor-Age operates 17 self-storage facilities throughout South Africa, with a corporate office in Cape Town.