Stor-Age Property REIT delivered a strong trading performance in the UK, with occupancy in the owned portfolio up 4.7% to close at 86.5% in the four months to July 31, the JSE-listed self-storage group said in a trading update yesterday.
In SA, occupancy increased 2.3% year-on-year to close at 91.4%. Occupancy decreased by 0.7% compared to March 31, 2024, in line with expectations and seasonality trends.
“We anticipate regaining and growing occupancy in the second half of the 2025 financial year, during what is traditionally our busier period for demand,” directors said.
Total occupancy stood at 90.4%, up 2,8% year on year. The total occupancy in the joint venture portfolio in South Africa stood at 54%. In the UK the total occupancy of joint venture portfolio stores stood at 60.1%
The achieved average rental rate increased by 8.4% and 1.9% year-on-year in SA and the UK respectively.
“Our joint venture properties continue to perform well in both markets in line with expectations,” the directors said.
In July, Extra Attic in Airport Industria, Cape Town was acquired for R73 million. Extra Attic is a single-storey self-storage property that was opened in 1998 by the founders of Metrofile and comprises 7500 square metres of letting area of ground floor, drive-up access and 180 square metres of office space.
With easy access off the N2 highway, the property supports a broad residential customer base from across the greater Cape Town area and is complementary to the existing Stor-Age portfolio in Cape Town.
In SA the 3 400 square metre Kramerville property development was completed in July, after being developed in a joint venture with Nedbank Property Partners (NPP). This brought the number of completed properties trading in the joint venture with NPP to five.
The development of the Century City property in a joint venture with Rabie Property Group was also completed.
BUSINESS REPORT