A WEE DRAM
CHRIS GILMOUR: Trust vows it has lots in store for funders who take a risk on novel business model
Trailblazer Gavin Lucas and Stor-Age have no room for complacency with ‘recession resistant’ offering
Traditional real estate investment trusts (REITs) usually burst with retail, commercial and industrial properties occupied by a mix of tenants including big drawcards. Unusually, Stor-age Property REIT is in the self-storage business and its tenants are at the other end of the spectrum, sometimes arriving unannounced with a van full of possessions, asking for a spot storage quote. Unable to present its capital providers with a prepopulated tenant base of reliable and trusted names, this model requires entrepreneurial and innovative management. Despite this unavoidable funding challenge and a languishing economy, CEO Gavin Lucas believes Stor-Age will exhibit a high degree of recession resistance. New Approach Convinced there had to be a better way to store belongings than in containers or their equivalent, trailblazer Lucas and cofounders established a model of light, bright, safe and secure self-storage lockups. Units are accessible around the clock and can be terminated at a month...
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