Stor-Age has been in business since 2006
June 11, 2017: Headquartered in Cape Town, Stor-Age Property REIT, which operates the Stor-Age Self Storage brand in South Africa, has agreed to acquire the four-property StorTown portfolio from real estate investment company DanCor Properties Pty. Ltd.
The StorTown locations are in the Brackenhill area, the Durban Central Business District and Durban North. The deal will boost Stor-Age’s presence in the local market to five facilities and more than 27,000 square meters of GLA, the source reported.
“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," Stor-Age CEO Gavin Lucas said in a statement.
Founded in 1972, DanCor specializes in commercial and industrial properties in addition to self-storage.
Founded by the Lucas Family, Stor-Age manages a 42-property portfolio, primarily in four South African metropolitan areas, that comprises approximately 318,000 square meters. It’s the operator appointed by Stor-Age Property Fund Managers Pty. Ltd. to manage and market the property portfolio owned by Stor-Age Property Holdings Pty. Ltd., and was listed on the Johannesburg Stock Exchange in November 2015.