Stor-Age, or Stor-Age Property REIT Limited, is a South African public company based in Cape Town. The company is a real estate investment trust that owns, acquires, develops and manages self storage assets throughout South Africa's metropolitan cities. Stor-Age is the largest self-storage property fund in South Africa and has been listed on the Johannesburg Stock Exchange since 2015.
|Headquarters||Cape Town, South Africa|
|Revenue||ZAR 332.230 Million (2017) (2018)|
|ZAR 233.26 Million (2018)|
|ZAR 454.323 Million (2018)|
|Total assets||ZAR 4.58 Billion (2018)|
|Total equity||ZAR 3.47 Billion) (2018)|
Stor-Age was founded in 2004 to fill a vacuum in self storage facilities in the greater metropolitan areas of South Africa. Gavin Lucas, the current CEO of Stor-Age, who was certified as a CA at the University of Cape Town, began working with his father, Les Lucas, his brother, Stephen Lucas, and fellow accountant, Steven Horton, to build a real estate investment trust. The four set up a "hotel pool rental scheme", raising R10 million by selling 200 units valued at R50,000 each. In 2007, they conducted extensive market research and secured a site in Edgemead, Cape Town. By 2013 they had 33 properties, 17 trading stores, eight greenfield sites and eight acquisitions. By 2015, Stor-Age controlled 40 properties with a total value of two billion ZAR.
On 16 November 2015, Stor-Age became South Africa's first self storage property fund to be listed on the JSE's main board. Between September 2015 and September 2017, the company's market capitalisation tripled to reached approximately 3.5 billion ZAR, its annual revenue increased by 43% to 124 million ZAR and its annual operating profits increased by 50% to 84.5 million ZAR. However, as Business Day noted, South Africa's macroeconomic conditions are at least partially responsible for these rapid gains as self-storage conditions usually thrive in poor economic conditions since many people have to downsize or keep goods in storage before selling them.
In 2018, Stor-Age owned 50 properties in South Africa and the United Kingdom with a total value of 3.9 Billion ZAR (R2.5 Billion in South Africa and R1.4 Billion in the United Kingdom). In early 2018, Stor-Age also performed unusually well amongst real-estate stocks on the JSE having 4% growth in the first few months of 2018, while the overall returns from real-estate sector declined by 18.56%.
In September 2016, Stor-Age acquired Storage RSA, which owned seven properties at the time of its acquisition (four in Cape Town and three in Gauteng). This was part of Stor-Age's strategy in order to seek a consolidation of the South African storage industry in order to potentially enhance their portfolio over time through digital marketing and revenue management initiatives.
In September 2017, it acquired Storage King, a U.K.-based self-storage company, to gain a foothold in the British market. In November, Stor-Age then acquired StorTown, the largest self-storage facility in KwaZulu-Natal, from the DanCor Properties Group for 1.45 billion ZAR. This sale included four properties located in Brackenhill, Durban CBD and Durban North and increased the company's Gross Lettable Area (GLA) by over nine percent.
Stor-Age further expanded its operations in Cape Town by purchasing All-Store Self Storage for 52 million ZAR. This acquisition included properties in Belville, Kuils River, and Brackenfell, which are suburbs north of Cape Town. Lucas approached All-Storage Self Storage and expressed an interest in buying them out since 2011.
Corporate Social Responsibility activitiesEdit
As part of CSR Stor-Age's campaigns have been involved in:
- During the Cape Town water crisis, Stor-Age ran a water saving campaign where it volunteered its storage facilities for conserving water. Capetonians were invited to donate store-bought, five-liter bottles of water to Stor-Age's facilities.
- The company also sponsored the 40th Annual Pirates 10K race on 2 August. In addition to providing the funds for this event, Stor-Age also managed both the water stations during the race.
- Stor-Age's English subsidiary, Storage King, participated in a "Wave of Gratitude" campaign in 2018 which involved acknowledging the women who contributed to their communities in World War I, as well as being a part of the Royal Legion's "Thank You" campaign to celebrate the centenary of World War I.
- "Stor-Age Property REIT Ltd". Bloomberg Markets. Retrieved 9 February 2018.
- "Statements of Comprehensive Profit or Loss and Other Comprehensive Income" (PDF). Retrieved 2 August 2018.
- "Statements of Financial Position" (PDF). Retrieved 2 August 2018.
- "STOR-AGE RAISES R400M TO FUND MILESTONE ACQUISITION OF STORAGE RSA". Property Wheel. Retrieved 13 February 2018.
- Cokayne, Roy. "Stor-Age agrees to acquire Storage RSA". Business Report. Retrieved 13 February 2018.
- "Stor-Age Property REIT Ltd". Financial Times. Retrieved 9 February 2018.
- Ryan, Eamonn. "How a Conversation Can Change Lives" (PDF). Accountancy SA. Retrieved 9 February 2018.
- "Fund Fact Sheet". stor-age.co.za. Retrieved 9 February 2018.
- Pitman, Juliet. "The Young Guns Behind Stor-Age". Entrepreneur Magazine. Retrieved 13 February 2018.
- Mahlaka, Ray. "Stor-Age debuts on JSE". MoneyWeb. Retrieved 9 February 2018.
- Drummond, Regan. "Stor-Age listing on JSE brings a unique proposition". SA Commercial Prop News. Retrieved 9 February 2018.
- "South Africa's first self-storage REIT debuts on the JSE". eProperty News. Retrieved 9 February 2018.
- Rotherham, Seth. "South Africa's Biggest Storage Company Is Listing On The JSE – 8 Facts You Need To Know". 2 Oceans Vibe News. Retrieved 9 February 2018.
- Anderson, Alistair. "Stor-Age capitalisation soars". Business Day. Retrieved 9 February 2018.
- Anderson, Alistair (2018-06-13). "Stor-Age corners the market in SA". Retrieved 2018-08-02.
- Steyn, Gabriella. "Stor-age sets foot in UK market with R13bn acquisition". Business Report. Retrieved 9 February 2018.
- "Stor-Age to enter UK market with R1.3bn Storage King acquisition". Property Wheel. Retrieved 9 February 2018.
- "South Africa Self-Storage Operator Stor-Age Enters UK Market With Storage King Acquisition". Inside Self-Storage. October 26, 2017.
- Anderson, Alistair. "JSE's Stor-Age to pay R1.3bn for UK's Storage King". Business Day. Retrieved 9 February 2018.
- Anderson, Alistair (2018-03-07). "Stor-Age expands Cape operation".
- Palm, Kaylynn (2018-02-02). "CT DAY ZERO: SOUTH AFRICANS INVITED TO HELP WITH WATER STORING PROJECT". Retrieved 2018-02-02.
- Staff Reporter (2018-07-21). "40th annual Stor-Age Pirates 10K event set to take place". Greenside, Gauteng. Retrieved 2018-08-02.
- "Forgotten women of WWI to be remembered". Dudley, England. 2018-07-16. Retrieved 2018-08-02.