STOR-AGE Property Reit is set to grow to between R4bn and R5bn by 2020 despite competition in the specialised property market, says executive director Steven Horton.In November, Stor-Age became the first storage facility provider to list on the JSE with a R1.3bn portfolio as it looked to attract investors who were seeking specialised property funds. The company has started to expand into more of SA’s six major cities.The firm announced on Monday that it would add two Gauteng properties, in Sunninghill and Randburg, to its portfolio, and a third in Berea, Durban. These, together, were valued at R240m and were part of a R700m pipeline.The company is focused on the country’s six major cities of Johannesburg, Cape Town, Pretoria, Durban, Port Elizabeth and Bloemfontein. Its market capitalisation is about R1.28bn."We believe that we provide the highest-quality and best-positioned storage units in the country. We are planning to grow through developments," said Mr Horton.Critics say there...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.