Stor-Age snaps up smaller rival for undisclosed figure
STOR-Age Property Reit (real estate investment trust), the only specialised owner of storage assets on the JSE, has acquired a smaller competitor as it looks to increase its scale, having grown organically in the past.The Reit said on Thursday that it had "entered into a memorandum of understanding" with the shareholders of the third-largest self-storage operator in SA, Storage RSA Investments, in terms of which Stor-Age would acquire 100% of the shares in Storage RSA for an undisclosed amount."Shareholders will be advised of the detailed terms and conditions of the proposed acquisition as and when formal agreement has been reached between the parties in this regard," Stor-Age said.Storage RSA, an unlisted company, was established in 1997 when it opened its first store in Somerset West in the Western Cape.The Storage RSA group has a portfolio of seven properties, four of which are located in the Western Cape, with the remaining three in Gauteng.Stor-Age intends to become a R5bn prop...
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