Stor-Age makes another UK acquisition
CEO Gavin Lucas says the group worries about Brexit but operates in an area that shows resilience to economic downturns
In its third acquisition in the UK, JSE listed self-storage group Stor-Age has bought The Storage Pod for R213.4m (£11.5m) as it expands its footprint there. This acquisition follows its buying of Viking Self Storage for R232.2 (£12m), a week ago. Before that it took control of the Storage King brand, the UK’s sixth-largest self-storage operator, for R1.3bn in November 2017. Its latest acquisitions came despite mounting concern about the possible negative effect of Brexit on business in the UK. Stor-Age CEO Gavin Lucas said although the group was worried about UK’s looming exit from the EU, it operated in an area of the storage market that had shown resilience to economic downturns. "Despite the uncertainty, self-storage is one of those subsectors of the commercial property market that has continued to trade very attractively." Lucas said people still needed secure places to hold "their valued personal possessions", which was why this part of the storage market was so resilient. Fro...
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