{"id":1004,"date":"2022-03-23T12:02:59","date_gmt":"2022-03-23T12:02:59","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=1004"},"modified":"2022-03-23T12:03:25","modified_gmt":"2022-03-23T12:03:25","slug":"stor-age-continues-to-add-to-its-uk-portfolio-with-r1-2-bn-deal","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/stor-age-continues-to-add-to-its-uk-portfolio-with-r1-2-bn-deal\/","title":{"rendered":"Stor-Age Continues To Add To Its UK Portfolio With R1.2 Billion Deal"},"content":{"rendered":"


\nSecures third storage-group acquisition in that country in its current financial year.<\/span><\/em><\/p>\n

Cape Town-based self-storage property fund Stor-Age has secured a UK-based storage group, Storagebase, for a purchase deal of \u00a359 million (around R1.15* billion) to scale up operations in its existing UK portfolio, Storage King.<\/span><\/p>\n

The real estate investment trust (Reit) announced on Tuesday that this is its third acquisition in the UK within the current financial year and that the deal will see it add four more properties to its portfolio.<\/span><\/p>\n

The three acquisitions represent nine properties in total \u2013 at a combined purchase price of over \u00a3100 million (R1.9 billion).<\/span><\/p>\n

The group announced the acquisition of a regionally dominant four-property portfolio in Leeds from McCarthy\u2019s Storage World at a purchase price of \u00a337.5 million in January. It also acquired the largest self-storage property in Blackpool for \u00a33.6 million in April 2021.<\/span><\/p>\n

Stor-Age\u2019s acquisition of Storagebase follows its purchase announcement of a portfolio of four more properties in the UK in January. It said the acquisition would be funded through its successful R575 million capital raise on the JSE.<\/span><\/p>\n

Read: Stor-Age raises R575m to fund further UK acquisitions<\/span><\/p>\n

According to the group, the four Storagebase properties \u2013 located in Banbury, Wednesbury, Frome and Amesbury \u2013 will offer more than 28 000m\u00b2 in gross lettable area (GLA) and complement Storage King\u2019s current as well as yet-to-be developed properties.<\/span><\/p>\n

The properties will enhance Stor-Age\u2019s presence in both the southwest and southeast of England.<\/span><\/p>\n

\u201cWell-located and with excellent visibility and prominence, the three mature properties in Banbury, Wednesbury and Frome, representing a combined GLA of 18 500m\u00b2, trade into dense residential areas and consist of above-average GLA target sizes, which will contribute to improved operating margins,\u201d it said in a statement.<\/span><\/em><\/p>\n

\u201cThe Amesbury property, currently under development and scheduled for completion in April 2022, will represent nearly 9 500m\u00b2 of GLA on full fit-out.\u201d<\/span><\/em><\/p>\n

Stor-Age CEO Gavin Lucas notes that it has seen its UK footprint grow from 13 properties to 30 since its 2017 debut into the UK self storage market.<\/span><\/p>\n

\u201c<\/em>The Storagebase acquisition itself, as well as the manner in which we have funded it, demonstrates the strength, competitiveness, and sophistication of our UK platform,<\/em>\u201d he adds.<\/span><\/p>\n

\u201cStorage King remains well-positioned to continue taking advantage of the fantastic growth opportunity in the UK self-storage market.\u201d<\/span><\/em><\/p>\n

Stor-Age adds that the acquisition forms part of an existing joint venture (JV) with leading UK real estate fund manager Moorfield \u201cto assemble a portfolio of high-quality self-storage properties in prime locations in England\u201d.<\/span><\/p>\n

It says it has a 24.9% equity interest in the JV and earns management fees for acquiring, developing, and managing properties therein.<\/span><\/p>\n

\u201cThe acquisition also represents the second \u2018green\u2019 sustainability-linked loan facility that Stor-Age has entered into over the past six months with Aviva Investors, the global asset management business of Aviva plc,\u201d the group added.<\/span><\/em><\/p>\n

\u201cAligned with Aviva\u2019s Real Estate Debt Sustainable Transition Loan Framework, the new 5-year \u00a330.8 million interest only loan facility reinforces Stor-Age\u2019s commitment to achieving its sustainability targets, as part of its broader [environmental, social and governance] ESG strategy and framework.\u201d<\/span><\/em><\/p>\n

Stor-Age share price:<\/span><\/p>\n

\"\"<\/p>\n

Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Secures third storage-group acquisition in that country in its current financial year. Cape Town-based self-storage property fund Stor-Age has secured a UK-based storage group, Storagebase, for a purchase deal of \u00a359 million (around R1.15* billion) to scale up operations in its existing UK portfolio, Storage King. The real estate investment trust (Reit) announced on Tuesday that this is its third acquisition in the UK within the current financial year and that the deal will see it add four more properties to its portfolio. The three acquisitions represent nine properties in…<\/p>\n","protected":false},"author":13,"featured_media":1008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,5],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/1004"}],"collection":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/comments?post=1004"}],"version-history":[{"count":2,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/1004\/revisions"}],"predecessor-version":[{"id":1010,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/1004\/revisions\/1010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/1008"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=1004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=1004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=1004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}