Friday, 13 September 2013 00:36

Stor-Age Announces the acquisition of Public Storage property portfolio

Published by  Commercial Property News
Rate this item
(0 votes)

Stor-Age announced it has concluded the acquisition of eight of the nine trading self storage properties within the Public Storage portfolio in Pretoria. 

Steven Horton Gavin Lucas Stephen LucasThe 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)


Belinda Clur

International Council of Shopping Centers launches African Research Group

March 26, 2014 Africa eProp Commercial Property News
The International Council of Shopping Centers (ICSC), the global trade association for the shopping centre industry, has launched an African research group to help its membership tap into the economic growth potential across the continent.


Neil Gopal SAPOA

SAPOA seeks solutions to valuations irregularities in Polokwane

April 14, 2014 Limpopo eProp Commercial Property News
The South African Property Owners' Association (SAPOA) is taking a proactive and long-term view on tackling key property-related challenges in the City of Polokwane.


Durban Jacobs industrial area

Industrial property highly sought in Durban Jacobs area

April 16, 2014 Industrial Property eProp Commercial Property News
Bluff industrial property now very much sought after


Adrian Gore

Discovery CEO Adrian Gore splash R103m on luxury pad in New York

April 14, 2014 Sector Environment eProp Commercial Property News
After splashing out R25m for an apartment in Cape Town's ultra-exclusive Clifton, Adrian Gore founder and CE of Discovery, picked up a three-bedroom luxury pad in New York for R103m in January.


Tongaat Mall

Haste led to Tongaat Mall collapse

April 04, 2014 Construction eProp Commercial Property News
A worker on the construction of the Tongaat Mall, which collapsed on November 19 killing two people and injuring 29, said that haste led to the tragedy at the site near Durban.


Brian Wilkinson

Green Building Council celebrates 50 Green Star SA certifications

April 14, 2014 Green Building & Environment eProp Commercial Property News
South Africa's green building movement has gained significant momentum with the achievement of 50 Green Star SA certifications in only six years.


Office and Retail

Property auction formula a resounding Success

April 14, 2014 Commercial Property Auctions eProp Commercial Property News
"Real Estate auctioneering is very difficult and companies need to be highly proactive to do the job justice.


Ken Reynolds

Nedbank Corporate Property Finance adds muscle to Irene business hub

April 16, 2014 Property Finance eProp Commercial Property News
Irene is growing into a major business hub that complements Centurion and Menlyn Park's business nodes as development continues in the area.

Most Popular

Lebowakgomo Mall in Limpopo could be put to a halt by angry residents

Apr 09, 2014 1919
Lebowakgomo Mall
The much-anticipated opening of the new Lebowakgomo Mall in Limpopo in two weeks' time…

Cape Town CBD emerging as South Africa strongest residential growth node

Apr 04, 2014 1874
 Rob Kane
Cape Town’s inner city is emerging as one of SA’s strongest residential growth nodes‚…

Memeza Women Empowerment Project develops safety alarm

Apr 02, 2014 1461
Faith Mazibuko MEC
A new and innovative small key ring, is the latest personal safety alarm, that can save a…

Monetary Policy Committee keep repo rate unchanged at 5.5%

Mar 27, 2014 1296
Gill Marcus
The Reserve Bank's Monetary Policy Committee (MPC) has left the repo rate unchanged at…

South Africa investors are making money on commercial real estate than their global counterparts

Apr 03, 2014 1210
Stan Garrun
South African investors are making more money on commercial real estate than any of their…


FacebookTwitterGoogle BookmarksLinkedin

Featured Profile

David Cooke

Director “Being South African and having travelled extensively in Africa, my fascination for the continent was too strong to resist. It’s not just the enormous business opportunity, but also the excitement and challenges the work brings; life is never…