Leading South African self storage property fund, JSE REIT Stor-Age, has announced the acquisition of All-Store Self Storage in Cape Town for R52 million. The acquisition forms part of Stor-Age’s strategy to own self storage properties in prime, high visibility locations in key suburbs in target cities across South Africa and in the United Kingdom.
Opening its doors in 2006 with an aesthetically pleasing design, the property benefits from prime exposure to passing traffic. The two-hectare property currently offers more than 5 500 m² of lettable area. Furthermore, it is well-positioned to serve Cape Town’s Bellville, Kuilsriver and Brackenfell areas. The broader catchment areas are characterised by relatively dense living spaces. The property also offers significant further development bulk.
The acquisition of All-Store comes following a number of large acquisitions across South Africa and the United Kingdom over recent months for Stor-Age. The combined portfolio is now comprising an impressive 68 properties. The company also recently began development on a new Craighall property in Johannesburg. In addition, it is about to open the doors on a new high-profile multi-level property. This property is in the affluent residential area of Bryanston.
Stor-Age CEO Gavin Lucas said the company had identified the acquisition as an ideal opportunity to further expand their Cape footprint. “The property is well-positioned and complements our offering in Cape Town’s ever growing Northern Suburbs. With a prominent location on a busy intersection, the property benefits from excellent drive-by visibility to passing traffic. It’s an excellent opportunity for us to further establish ourselves in the greater Bellville area.”
Stor-Age now trades from and manages a portfolio of 63 properties across South Africa and the United Kingdom. The total GLA covers more than 392 500m².
The share closed yesterday at R12.79.