Suren Naidoo
4 minute read
23 Oct 2020
8:15 am

Stor-Age’s new UK partner

Suren Naidoo

Initial value of the new joint venture is about R1.1 billion, with potential to increase to over R2.1 billion.

Stor-Age - Image: Twitter / @Biz_Property

South Africa’s largest self-storage property fund Stor-Age announced on Wednesday that it is part of a new R1.1 billion joint venture (JV) with UK real estate fund manager Moorfield Group. The JSE-listed group, which already has an extensive portfolio of these property assets in SA and the UK, says it has finalised the terms of the JV with Moorfield to develop a portfolio of self-storage assets in the UK. While the initial value of the new JV is £50 million (approximately R1.1 billion), the group noted that there is potential to increase this to over R2.1 billion. “The UK-focused development JV, which provides...