Stor-Age Property Reit raises R400m
The only self-storage company listed on the JSE has pulled off an oversubscribed bookbuild
Stor-Age Property Reit raised R400m in a few hours in an accelerated bookbuild to fuel its acquisition pipeline. The significantly oversubscribed bookbuild raised the equity at a price of R12 a share, representing a 3.5% discount to the 30-day, volume-weighted average traded price. Initially seeking to raise R350m, demand for Stor-Age stock saw the quantum of capital raised increase, despite the constrained domestic environment and subdued JSE real estate investment trust (Reit) sector, CEO Gavin Lucas said. He said the capital raised will allow Stor-Age to take advantage of new opportunities in the pipeline in both SA and the UK. These include the recently opened Stor-Age Bryanston and an additional 12 properties in SA, following the acquisition of a managed portfolio announced earlier in September. The portfolio includes locations such as Claremont in Cape Town; Brooklyn and Silver Lakes in Pretoria; Mount Edgecombe in Durban; and Sunninghill in Johannesburg. With the portfolio of...
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