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.