Stor-Age Property REIT Limited has released its trading update for the four-month period ending 31 January 2024, showcasing robust performance and significant development activity.
In the owned portfolio, Stor-Age achieved notable occupancy growth across both South Africa (SA) and the United Kingdom (UK). The South African owned portfolio witnessed a 2.8% increase in occupancy, reaching 92.1% by January 31, 2024, with a 9.4% year-on-year rise in the average rental rate. Similarly, the UK owned portfolio experienced a 0.4% increase in occupancy, with a 4.8% year-on-year rise in the average rental rate.
Joint venture (JV) properties also demonstrated strong performance, particularly in South Africa and the UK. SA JV properties saw a 52.0% increase in occupancy, while UK JV properties experienced a 9.4% growth in occupancy.
Stor-Age has been actively involved in development projects, aiming to enhance its presence in both the SA and UK markets. Notable completions include the Paarden Eiland property in SA, and the Canterbury and West Bromwich properties in the UK. The company also highlighted ongoing developments such as the Century City and Kramerville projects in SA, and the Acton and Leyton projects in the UK.
| Property | Status | JV Partner | Estimated GLA |
|---|---|---|---|
| Paarden Eiland | Completed | Nedbank Property Partners (NPP) | 4 700m² |
| Canterbury | Completed | Moorfield Property Group | 5 000m² |
| West Bromwich | Completed | Moorfield Property Group | 6 300m² |
| Property | Status | JV Partner | Estimated GLA |
|---|---|---|---|
| Century City | Greenfield development. Superstructure substantially complete, with the fit-out of the lower floors in progress. Scheduled to open for trading in the second quarter of FY25. | Rabie Property Group | 6 100m² |
| Kramerville | Brownfield conversion. Vertical extension of the building (one additional floor) is currently underway, with the fit-out of the lower floors in progress. Scheduled to open for trading in the second quarter of FY25. | NPP | 5 400m² |
| Acton | Brownfield conversion. Vertical extension of the building (two additional floors). Planning approval granted in January 2023. Construction is scheduled to start in the first quarter of FY25. | Moorfield | 5 850m² |
| Leyton | Brownfield conversion. Under construction. Scheduled to open in the third quarter of FY25. | Nuveen Real Estate | 3 900m² |
Stor-Age expanded its Management 1st programme by entering into a third-party management agreement for a new self-storage property in Queensway, West London. The property, a conversion of an underground carpark over two levels, is expected to commence trading in April 2024. This initiative allows Stor-Age to generate additional revenue while leveraging its existing operating platform.
With an undersupply of high-quality self-storage properties in both SA and the UK, Stor-Age remains well-positioned to pursue further expansion opportunities. The company’s strategic focus on development activity and third-party management underlines its commitment to sustained growth and value creation.
This website uses cookies.
