Stor-Age to list on JSE in November

Stor-Age self-storage units

South Africa’s largest self-storage property fund, Stor-Age Property REIT Limited, is set to list on the JSE in November as the first REIT of its kind on the exchange.

The decade-old group will list an initial R1.3 billion portfolio of quality, well-located self-storage properties and is forecasting strong distribution growth in the medium term.

The abridged prospectus was released on SENS today opening the offer to invited investors. Stor-Age is looking to raise approximately R710 million through the subscription of approximately 71 million shares in a private placement to invited institutional and high net worth investors. There is also a retail offer to invited investors who include current and past tenants, staff members and service providers. The final issue price is to be determined by demand, with an indicative issue price of R10 per share.