Stor-Age buys more UK-based storage facilities

The company buys a self-storage unit for R224.3 million.

Stor-Age, which is the only listed self-storage provider on the JSE, has acquired a 100 percent stake in Viking Self Storage Bedford, a self-storage facility in England, for £12.0 million (R224.3 million).

The acquisition has been concluded through Stor-Age’s subsidiary, Betterstore Properties UK.

Stor-Age is one of only nine publicly traded self-storage real estate investment trusts in the world. Five of these are in the US, two in the UK and one in Australia.

The company said the acquisition is part of the investment strategy of its Storage King business, which includes pursuing value-added acquisitions in the UK self-storage market. Stor-Age’s UK portfolio of self-storage properties is made up of the Storage King business.

“The board believes that the acquisition represents an excellent opportunity to acquire a high-quality self-storage property in a location which complements the existing UK-based Storage King portfolio, providing additional scale from both a balance sheet and trading perspective,” the company said in a statement.

Viking Self Storage Bedford facility is located in Bedford, the county town of Bedfordshire in the East of England. The Property has a gross lettable area of over 48 000 square feet and a maximum lettable area of 54 000 square feet.

The purchase price of the facility will be settled in cash, funded through Stor-Age’s existing pound-denominated debt facilities.