R370 million to fund self-storage facilities across South Africa

Nedbank Property Partners (“NPP”) and Stor-Age Property REIT (“Stor-Age”), the only publicly traded self-storage REIT in South Africa, have concluded a joint venture arrangement where the companies formed will develop four self-storage facilities at a total cost of approximately R370 million and NPP will be providing both equity and mezzanine loan funding.

The properties in Morningside (7,400m² GLA) and Bryanston (4,700m² GLA), Gauteng, as well as the properties in Paarden Eiland (4,700m² GLA) and Pinelands (7,300m² GLA) in Cape Town, are all due for completion in 2023 and will be branded and managed by Stor-Age.