Stor-Age Property Reit has managed to raise R1.275bn in a heavily oversubscribed book-build as it looks to fund its first offshore acquisition. Investors have been looking at more specialised property stocks for value — such as Stor-Age, which is the only JSE-listed group that invests solely in self-storage assets. This is while the earnings quality of companies exposed to the retail, office and industrial sectors has deteriorated quite quickly on the back of a weak economy, according to Sesfikile Capital portfolio manager and director Kundayi Munzara. Stor-Age raised R1.275bn of equity at a price of R11.50 per share. "These funds would allow us to conclude the circa R1.3bn acquisition of Storage King on October 31, while maintaining a conservatively well-placed balance sheet post the effective date of the transaction," said CEO Gavin Lucas.

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