JSE listed self storage REIT, Stor-Age has announced its intention to acquire the attractive Durban based StorTown portfolio of self storage assets from the DanCor Properties group. The portfolio comprises four well tenanted and geographically attractive properties located in Brackenhill, Durban CBD and Durban North.
Stor-Age’s footprint will grow to five high quality stores in Durban offering more than 27 000m² GLA. CEO Gavin Lucas says: “We are excited about this acquisition. It aligns with our strategy of targeting quality peers in a fragmented market, with a focus on the four major metropoles in South Africa on a complementary quality level to our existing portfolio.”
Going forward the properties will be rebranded and included into Stor-Age’s operational platform, allowing for the benefit of economies of scale in the greater Durban market. The acquisition will increase Stor-Age’s overall portfolio from 31 to 35 properties and boost total GLA by more than 9% to approximately 255 000m².
The acquisition is another strategic milestone on Stor-Age’s acquisition trail, supported by ongoing organic growth which is maintaining the group on a positive growth trajectory. Stor-Age acquired Storage RSA in November 2016.
“We believe this acquisition will further cement our position as the premium South African self storage brand,” concludes Lucas.