The StorTown locations will be rebranded under the Stor-Age name
October 9, 2017: Stor-Age Property REIT, which operates the Stor-Age Self Storage brand in South Africa, plans to move forward with its StorTown purchase by acquiring 99.9 percent of DanCor shares for R145 million.
According to the source, the transaction is expected to occur through subsidiary Roeland Street Investments.
"Implementation of the transaction will provide Stor-Age with a broader geographical store offering across the city of Durban in locations which are complementary to the existing trading portfolio," Lucas said.
According to a Stor-Age press release, the deal will increase the company’s owned portfolio to 35 locations and 255,000 square meters.