Self-storage property fund stor_age has secured a UK-based storage group, Storagebase, for a purchase deal of £59 million (around R1.15* billion) to scale up operations in its existing UK portfolio, StorageKing. Moneyweb CompanyNews Palesa_foks
Cape Town-based self-storage property fund Stor-Age has secured a UK-based storage group, Storagebase, for a purchase deal of £59 million to scale up operations in its existing UK portfolio, Storage King. The real estate investment trust announced on Tuesday that this is its third acquisition in the UK within the current financial year and that the deal will see it add four more properties to its portfolio.
“Well-located and with excellent visibility and prominence, the three mature properties in Banbury, Wednesbury and Frome, representing a combined GLA of 18 500m², trade into dense residential areas and consist of above-average GLA target sizes, which will contribute to improved operating margins,” it said in a statement. “The Amesbury property, currently under development and scheduled for completion in April 2022, will represent nearly 9 500m² of GLA on full fit-out.
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