JSE’s real estate investment trust (REIT) Stor-Age, the only listed self-storage property fund in SA, will shortly enter the UK self-storage market with an estimated R1.3bn acquisition of the region’s sixth largest operator, Storage King. The acquisition is in line with Stor-Age’s stated strategy of targeting international markets with attractive growth potential to "complement its ongoing success" in the South African market, said CEO Gavin Lucas, adding that Stor-Age cannot rely on South Africans only to rent storage units. The Storage King transaction is expected to be concluded next month. "Storage King offers established critical mass through a high quality portfolio, proven local expertise and a track record in self-storage with consistent earnings growth, especially over the past three years. This provides us with a strong and scalable platform, with in-place management, for future growth and expansion," Lucas said. The REIT would settle the £77.13m purchase price through a m...
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