SA’s Leading And Largest Self Storage Start-Up ‘Stor-Age’ Raises R575 million To Expand Further Into The UK
SA’s Leading And Largest Self Storage Start-Up ‘Stor-Age’ Raises R575 million To Expand Further Into The UK. South Africa’s largest self storage startup ‘Stor-Age’ has announced that it has raise R575 million from its shareholders for its UK acquisitions. The company aims to expand further into the UK and these acquisitions will help it achieve its goals.
Stor-Age CEO Gavin Lucas said in a statement, “We are pleased with the result of today’s capital raise, which once again demonstrates both the high regard in which Stor-Age is held and the significant appetite for the company’s stock. The capital raised will allow us to successfully continue with our strategy of growing our portfolio in both South Africa and the UK, adding quality and scale in both markets.”
Stor-Age Property REIT Limited is a fully integrated and internally managed real estate investment trust (“REIT”), is the leading and largest self storage property fund and brand in South Africa. A highly specialised property fund focused on the fast growing self storage sector, a niche sub-sector of the broader commercial property market, Stor-Age develops, acquires and manages high profile self storage properties.
Stor-Age pioneered the development of high profile Big Box self storage properties in outstanding locations in South Africa. Stor-Age’s objective is to deliver an attractive income stream from a portfolio of high quality self storage properties with potential for income and capital growth through increasing rentals and occupancy levels, expanding existing properties and acquiring additional self storage properties.
The capital raised will support the finalisation of the UK acquisition, while also enabling the group to continue taking advantage of development and acquisition opportunities in both South Africa and the UK. The acquisition consists of a four-property portfolio offering 12 400m² of gross lettable area (GLA) and has the potential to be expanded to approximately 18 900m² on a fully fitted-out basis.
