Stor-Age announced earlier this month that it has concluded the acquisition of eight of the nine trading self storage properties within the Public Storage* portfolio in Pretoria. The acquisition by Stor-Age represents the largest ever self storage transaction completed in the South African market.
The eight property acquisition comprises upwards of 63,000 m² of space and offers a further 17,000 m² of approved self storage development bulk. The portfolio currently trades at occupancy levels of 95% +. All conditions relating to the May transaction have now been met and approvals from the Competition Commission were obtained during the last week of August. All properties will be managed by Stor-Age and rebranded as part of the Stor-Age portfolio.
Established in 1996, Public Storage (South Africa) is one of the largest self storage companies trading in the South African market. With a sole focus on the Pretoria market, their portfolio of nine trading properties has dominated the Pretoria self storage market over the course of the last 17 years. Excluded from the transaction is Public Storage’s head office property in Wonderboom, from which Public Storage will continue to trade under the Public Storage (South Africa) trade name.
Stor-Age CEO Gavin Lucas noted, “We’ve been in discussions with Public Storage for some time and we are pleased to have concluded this deal. Together with our presence in Centurion and our high profile Big Box self storage facilities being developed in Brooklyn and Six Fountains, the newly acquired eight property portfolio will provide Stor-Age with a significant and well established trading platform in the Pretoria region.”
Facts & Figures
- Stor-Age purchases eight self storage properties from Public Storage (South Africa)
- Public Storage (South Africa) is the largest self storage company in Pretoria
- Acquisition represents 63,000 m² + of GLA & further approved development bulk of 17,000 m²
- Acquired portfolio trades in the 95% + occupancy range
* Public Storage (South Africa) has no affiliation to NYSE listed Public Storage (PSA)