PRETORIA – Stor-Age, the listed self-storage real estate investment trust (Reit), has agreed to acquire 12 purpose-built self-storage properties located in Cape Town, Joburg, Durban, Port Elizabeth and Pretoria that were operated by the company for a total of R58 million.
It has acquired the properties by the purchase of 100 percent of the issued share capital in Roeland Street Investments 2 and Roeland Street Investments 3.
Roeland Street Investments 2 is owned by listed Growthpoint wholly owned subsidiary Acucap investments, Stor-Age Property Holdings (SPH) and the Fairstore Trust, and Roeland Street Investments 3 by Acucap and SPH.
Stor-Age said yesterday that the acquisition was in line with its stated intention of acquiring the managed portfolio and its strategy of further consolidating its market-leading position in the South African market.
It said once concluded, the acquisition would increase the value of Stor-Age’s investment property portfolio to about R5 billion, with 70 percent by value located in South Africa and the balance in the UK.