Stor-Age expands with DanCor deal
Stor-Age plans to enhance the value of DanCor’s assets through initiatives such as digital marketing and revenue management
Stor-Age, the real estate investment trust, has managed to spread its presence further into Durban as it looks to dominate the city’s self-storage market. The company announced through its wholly owned subsidiary, Roeland Street Investments, that it would subscribe for 99.9% of the shares in DanCor for R145m. The existing shareholders of DanCor would retain 0.1% of the DanCor shares for the immediate future. "The board is of the view that the transaction supports Stor-Age’s stated strategy of pursuing value-added acquisitions in a fragmented industry in order to strengthen the group’s position as a premium South African self-storage brand," said CEO Gavin Lucas. "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," he said. DanCor conducts its self-storage business from four locations under the name StorTown with properties across Durban. T...