STOR-AGE PROPERTY REIT LIMITED - Expansion of two existing self storage properties

Expansion of two existing self storage properties

Stor-Age Property REIT Limited
Incorporated in the Republic of South Africa
Registration number 2015/168454/06
Share Code: SSS ISIN ZAE000208963
(Approved as a REIT by the JSE)
(“Stor-Age”)


Expansion of two existing self storage properties

The board of directors of Stor-Age is pleased to provide an update in respect of the expansion of two
existing properties within its portfolio.

As a result of sustained high levels of occupancy and strong customer demand at Stor-Age Gardens
and Stor-Age Durbanville, both properties will undergo further development with the addition of 5 500 m²
and 2 500 m² of gross building area at each property respectively.

  Property:                      Stor-Age Gardens                Stor-Age Durbanville

  Address:                       121 Roeland Street,             Cnr of Pinehurst Drive & Okavango
                                 Gardens                         Road Pinehurst

  Projected development          R32 million                     R12 million
  cost:

  Gross building area:           5 500 m²                        2 500 m²

  Start date:                    May 2016                        June 2016

  Project completion date :      December 2016                   January 2017


Both projects will be funded from existing debt facilities and are projected to be yield neutral within their
first 12 months of trading and yield enhancing thereafter, providing an immediate uplift to the Net Asset
Value of the portfolio on completion.

As part of the redevelopment, the facades to all levels at Stor-Age Gardens are being redesigned, given
the prominence of this property’s location at one of the key entry points into the Cape Town CBD.

Stor-Age CEO Gavin Lucas commented: “Despite the tough economic environment within which South
Africa currently finds itself, it is pleasing to note that we have experienced a strong trading performance
across our portfolio nationally and in particular from these two properties. Both of these properties are
situated in prime locations and were originally planned with the intention of building them out further in
later years. This provides support to our strategy of only developing new self storage properties in
outstanding locations.”



Cape Town
25 May 2016

Sponsor
Questco (Pty) Ltd

Date: 25/05/2016 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.