Stor-Age Property REIT Limited Reports Strong Trading Performance and Development Activity

  • Strong Performance: Stor-Age Property REIT Limited reported robust occupancy growth and increased rental rates across its owned and JV portfolios.
  • Active Development: The company completed several development projects and has ongoing initiatives to enhance its presence in SA and the UK.
  • Expansion Strategy: Stor-Age expanded its Management 1st program and remains poised to capitalize on further growth opportunities.
Published by
Lethabo Ntsoane

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.

Occupancy Growth and Performance

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.

Development Activity

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.

Completed Developments

PropertyStatusJV PartnerEstimated GLA
Paarden EilandCompletedNedbank Property Partners (NPP)4 700m²
CanterburyCompletedMoorfield Property Group5 000m²
West BromwichCompletedMoorfield Property Group6 300m²

Developments in Progress

PropertyStatusJV PartnerEstimated GLA
Century CityGreenfield 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 Group6 100m²
KramervilleBrownfield 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.NPP5 400m²
ActonBrownfield 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.Moorfield5 850m²
LeytonBrownfield conversion. Under construction. Scheduled to open in the third quarter of FY25.Nuveen Real Estate3 900m²

Third-Party Management

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.


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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: Twitter: @NtsoaneLethabo