Stor-Age Property Reit Limited has agreed to acquire a portfolio of 10 established self-storage properties from Xtraspace in a transaction valued at R387 million.
The JSE-listed fund entered into sale of rental enterprise agreements to secure the income-producing assets, marking a significant expansion of its physical footprint.
In addition to the outright purchases, Stor-Age will assume management responsibilities for six further Xtraspace facilities, a move designed to boost recurring fee income alongside its core rental revenue streams.
The acquisition underscores the continued consolidation and professionalization of the South African self-storage market.
By adding these established assets, Stor-Age strengthens its position as a leading player in the sector, leveraging economies of scale and operational expertise.
The deal structure, which combines asset acquisition with management contracts, allows the REIT to expand its market presence without committing full capital expenditure to every new location, optimizing capital efficiency.