In a significant development for the South African real estate market, Old Mutual Limited has acquired a substantial stake in Stor-Age Property REIT Limited, a leading player in the self-storage industry. The acquisition, amounting to 10.04% of Stor-Age’s total issued securities, marks a notable move by Old Mutual Limited into the real estate investment trust (REIT) sector.
Acquisition Details
Old Mutual Limited’s acquisition of a beneficial interest in Stor-Age’s securities has been disclosed in accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended, and paragraph 3.83(b) of the Listings Requirements of the JSE Limited. This regulatory disclosure ensures transparency for shareholders and the broader market.
A breakdown of the acquisition:
| Acquirer | Old Mutual Limited |
|---|---|
| Stake Acquired | 10.04% of total issued securities |
| Date of Acquisition | February 29, 2024 |
This move positions Old Mutual Limited as a significant shareholder in Stor-Age, reflecting the company’s strategic investment decisions in the South African property market.
Implications for Stor-Age and Investors
The acquisition signals confidence in Stor-Age’s performance and growth prospects within the self-storage sector. Stor-Age, known for its innovative approach and strong market presence, stands to benefit from Old Mutual Limited’s backing as it continues to expand its portfolio and enhance shareholder value.
For investors, Old Mutual Limited’s entry into Stor-Age presents an opportunity to align with a reputable institution’s investment strategy in the real estate sector. The move may also influence market sentiment towards Stor-Age, potentially leading to increased liquidity and trading activity in its securities.
Board’s Response
The board of directors of Stor-Age acknowledges the acquisition and accepts responsibility for the information provided in the announcement. They affirm the accuracy of the disclosure and assure shareholders that no material information has been omitted.
