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Voluntary announcement pertaining to the acquisition by Stor-Age of All-Store self storage in Cape Town
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” or “the Company”)
VOLUNTARY ANNOUNCEMENT PERTAINING TO THE ACQUISITION BY STOR-AGE OF
ALL-STORE SELF STORAGE IN CAPE TOWN
1. INTRODUCTION
The board of directors of Stor-Age is pleased to advise shareholders that the Company has
entered into an Agreement of Sale with Ninety Nine Investments Proprietary Limited (“the
Seller”) to acquire All-Store Self Storage (“All-Store”) in Cape Town’s Northern Suburbs (“the
Acquisition”).
2. RATIONALE FOR THE ACQUISITION
The Acquisition is in line with Stor-Age’s strategy of pursuing value-added acquisitions in a
fragmented market and strengthening the group’s position as the premium South African self
storage brand.
The Acquisition represents an excellent opportunity for Stor-Age to acquire a high quality self
storage property in a location which complements its existing portfolio, providing Stor-Age with
additional scale from both a balance sheet and trading perspective.
Stor-Age will re-brand the acquired property and manage it from its existing operating
infrastructure.
3. ADDITIONAL INFORMATION
The Acquisition is uncategorised in terms of the JSE Listings Requirements, and the
information contained in this announcement has been voluntarily disclosed by the Company.
3.1 ABOUT ALL-STORE
Based in Cape Town’s Northern Suburbs, All-Store has a well-established tenant base and
trading history since its opening in 2006 and has been in operation for more than a decade.
The well-constructed and aesthetically pleasing dual level property benefits from a prominent
location and significant drive-by traffic, offering more than 5 500 m² of self storage space
across two levels, consisting of 300 plus self storage units ranging from 4 m² to 36 m² in size.
The property also benefits from having significant undeveloped bulk available.
The established tenant base and trading history supports a level of occupancy which is
characteristic of a ‘mature’ self storage property, at a rental rate of approximately R70 per m².
Positioned directly opposite the intersection of La Belle and Bottelary Roads and servicing the
greater Bellville, Brackenfell and Kuils River nodes as well as drawing from areas such as
Protea Heights and Vredekloof, All-Store is well-positioned to benefit from the continued
residential growth in the node along Bottelary Road.
3.2 CONSIDERATION
The consideration for the Acquisition is R52 million payable in cash or, at the sole discretion
of the Company, the purchase consideration may be settled in full or in part by the issue of
ordinary shares in the Company pursuant to a vendor consideration placement.
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3.3 EFFECTIVE DATE
The effective date of the Acquisition will be the date of registration of transfer of ownership
into the Company’s name.
Cape Town
6 March 2018
Sponsor and Corporate Advisor
Questco Corporate Advisory Proprietary Limited
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