Gavin Lucas, CEO of the only personal-storage group listed on the JSE, Stor-Age, says his team has clinched a strategically important acquisition it had its eye on for seven years. Stor-Age has bought All-Store Self Storage, the main storage provider in Cape Town’s northern suburbs of Belville, Kuils River and Brackenfell. The R52m acquisition forms part of Stor-Age’s strategy to own self-storage properties in prime, high-visibility locations in key suburbs in target cities across SA and the UK. The 2ha Cape Town property offers 5,500m² of lettable area, as well as further developable land. Stor-Age now has a combined portfolio that includes 68 properties across SA and the UK, covering a gross lettable area of 392,500m². Opening its doors in 2006, All-Store’s property was nearly of the same quality as Stor-Age’s other assets and it benefited from prime exposure to passing traffic, said Lucas. "We first met the seller seven years ago and expressed an interest in buying them out. We’v...

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