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Self-Storage REIT Stor-Age Raises R575M to Fund Further UK Acquisitions

Stor-Age Property REIT, a real estate investment trust that operates self-storage in South Africa and the United Kingdom, has raised R575 million to fund additional acquisitions in the U.K. The company has already completed the purchase of a four-property portfolio for £37.5 million, according to the source.

Together, the sites offer 133,472 square feet of gross lettable area, with a potential to be expanded to 203,437 square feet. They’re in areas that’ll complement the existing Stor-Age portfolio, company officials said.

The equity was raised at R14.30 per share, representing a 0.92% discount to the 30-day volume weighted average traded price of its share, the source reported. The company exceeded its initial targeted accelerated bookbuild of R550 million.

“We are pleased with the result, which once again demonstrates both the high regard in which Stor-Age is held and the significant appetite for the company’s stock,” said CEO Gavin Lucas.

Headquartered in Cape Town and established in 2006 by the Lucas Family, Stor-Age operates a portfolio of more than 50 self-storage locations in South Africa. In the U.K., it owns the Storage King brand, which comprises 22 self-storage properties. 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.

Source: Money Web, Stor-Age Raises R575m to Fund Further UK Acquisitions

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