Stor-Age Property, SA’s largest listed personal storage provider, tapped shareholders for R575m in an oversubscribed bookbuild on Thursday, looking to further boost its growing footprint in an asset class it says has been consistently resilient through economic cycles.
Stor-Age ultimately raised R575m, having eyed R550m, citing strong demand as it issued 40.21-million new shares — about 10% — at a 0.92% discount. The onset of the pandemic gave rise to new demand drivers for self-storage, including a boost to home improvements and renovations, as well as an increase in the mobility of many employees who are working remotely.
Stor-Age said on Thursday the four properties it intends to buy have a gross lettable area of 12,400m², compared to 449,100m² for the group as of the end of September, with 88,500m² of this in the UK.
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