Stor-Age Property REIT acquires new Craighall property in R95m transaction

Posted On Thursday, 07 December 2017 11:25 Published by
Rate this item
(0 votes)

South Africa’s largest self storage property fund, JSE REIT Stor-Age, has continued on its acquisition trail and has entered into a R95-million transaction for the development and subsequent acquisition of a new property in Craighall, Johannesburg.

 Craighall_Development_Rendering

The land of 2,393 square metres, valued at R19-million, is well-located to serve the residential areas of Craighall, Craighall Park, Hyde Park, Dunkeld and Blairgowrie, with the broader catchment areas characterised by dense living spaces. The property is further supported by an established retail and business corridor along Jan Smuts Avenue. Development is set to be complete in mid 2019.

The total purchase consideration payable by Stor-Age is R95 million.

“The transaction structure aligns with Stor-Age’s measured approach to the risk profile of new developments, which focuses on opportunity while limiting downside risk for distributions growth profile over the medium term,” said Stor-Age CEO Gavin Lucas.

The development forms part of Stor-Age’s five year strategy to develop and own self storage properties in prime, high visibility locations in key suburbs in target cities across South Africa.

Earlier in the week, Stor-Age also announced the acquisition of a self storage property in Crewe, United Kingdom, for a total of £7.74-million. The acquisition of the property, which has a GLA of c. 4 400 square metres, comes following Stor-Age acquiring the UK’s sixth largest self storage operator, Storage King, for approximately R1.3-billion.

Stor-Age now trades from and manages a portfolio of 62 properties across South Africa and the UK, covering a GLA of more than 387 000 m². The Craighall property is one of 5 additional properties that Stor-Age have in the pipeline.

The share closed yesterday at R12.70.

Last modified on Friday, 08 December 2017 11:39

Most Popular

The next wave of property development in Africa is coming

Jul 31, 2019
 NIYI ADELEYE
The past decade has seen South African property developers and investors forge their way…

SA focused REIT Dipula makes bid merge with SA corporate real estate

Jul 31, 2019
 IZAK PETERSEN
Dipula Income Fund, a diversified, South-African focused and Black-managed REIT, today…

Vukile’s Spanish assets top €1bn, and it gets a credit ratings upgrade

Aug 02, 2019
 LAURENCE RAPP VUKILE
Vukile Property Fund today announced that its listed Spanish subsidiary, Castellana…

Growthpoint Investec African Properties steps up its acquisition trail in Africa

Aug 06, 2019
 THOMAS REILLY
Growthpoint Investec African Properties (GIAP), the pan-African real estate investment…

Credit and mortgage balances in the first half of 2019

Jul 31, 2019
Jacques Du Toit Absa Home Loans
Credit and mortgage balances in the first half of 2019, with divergent home loan…

Please publish modules in offcanvas position.