JSE-listed Stor-Age has acquired the entire issued share capital of Storage RSA, through its wholly-owned subsidiary Roeland Street Investments together.
It has also acquired the shareholders’ loan claims against Storage RSA.
The board has made significant progress with respect to the proposed acquisition by Stor-Age of 100% of the shares in, and shareholders' loan claims against, Units 1-4 Somerset West Business Park.
The transactions are in line with Stor-Age’s strategy of pursuing value-added acquisitions and strengthening the group’s position as a premium South African self-storage brand.
They represent a rare opportunity for Stor-Age to acquire high-quality self-storage properties in prime locations, providing Stor-Age with scale from both a balance sheet and trading perspective.
Implementation will provide Stor-Age with the ability to increase its trading portfolio through the acquisition of an additional 39 869 m2 of gross lettable area (GLA) from five trading stores, together with access to a development opportunity in Bryanston, Johannesburg, in respect of which town planning approvals are already in place.
The Somerset West transaction will provide Stor-Age with an additional trading store, operated under the Storage RSA brand name with a GLA of 5 500 m2.