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

Attacq Limited converts to a Reit

Jun 02, 2018
Attacq singles
Attacq Limited, (“Attacq”), the JSE listed property company, announced its conversion to…

Kzn's time to shine

Jun 02, 2018
ideal holiday  kzn
South Africa’s eastern province of KwaZulu-Natal, with its diverse culture, year-long…

Vukile delivers 7.7% full-year distribution growth with strong performance from its SA retail portfolio and its major expansion into Spain

Jun 02, 2018
Laurence Rapp
Vukile Property Fund today reported 7.7% growth in dividends to 168.82 cents per share…

Redefine attracts big box retailers to its centres

Jun 08, 2018
Stoneridge Centre
JSE listed diversified Redefine Properties (JSE:RDF) has finalised leases with two…

Airports Company South Africa (ACSA) appoints MMQSMace to help transform South Africa’s airport infrastructure

Jun 15, 2018
OR TAMBO WEB
MMQSMace, Mace’s joint venture cost consultancy business in South Africa, has been…

Please publish modules in offcanvas position.