Stor-Age

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Stor-Age Property REIT Ltd
Company typePublic
JSE: SSS
ISINZAE000208963
IndustrySelf storage
Real estate[1]
Founded2005; 20 years ago (2005)
HeadquartersCape Town, South Africa
Number of locations
107 (2025)[2]
Area served
South Africa
United Kingdom
Key people
Graham Blackshaw (Non-executive Chairman)
Gavin Lucas (CEO)
Steven Horton (Executive)
Stephen Lucas (CFO)[3]
ServicesSelf storage units
RevenueIncrease R1.39 billion (2025)[4]
Increase R1.03 billion (2025)[4]
Increase R1.42 billion (2025)[4]
Total assetsIncrease R13.87 billion (2025)[4]
Total equityIncrease R8.54 billion (2025)[4]
Websitestor-age.co.za

Stor-Age (officially Stor-Age Property REIT Ltd, and stylized in lowercase) is a South African self storage and real estate investment company.[5] Founded in 2005, and headquartered in Cape Town, the company invests in real estate, on which it operates self storage sites.[1] It is South Africa's largest self-storage company by number of locations.[6]

As of 2025, Stor-Age has a total of 107 storage locations.[2] The company operates 63 locations across 5 provinces in SA, and a further 44 locations across the United Kingdom, catering to individuals and commercial clients.[7] The company is a real estate investment trust (REIT) and is listed on the JSE Limited, South Africa's largest stock exchange, and maintains a secondary listing on A2X, the country's second-largest exchange.[8]

The company has around R14 billion in property investments, totaling a gross leasable area (GLA) of 616,739 m2 (with the majority located in SA).[4] In 2025, Stor-Age had over 56,000 tenants, with an occupancy rate of 92.1% in South Africa, and 85.2% in the United Kingdom.[9]

History

[edit]

Stor-Age was founded in 2005 by Stor-Age Property Holdings, with the goal of owning and operating storage assets across South Africa metros.[1]

Initially, Stor-Age CEO Gavin Lucas, who at the time was completing his accounting articles, pitched an idea to his brother Steve Lucas, and their father, to invest in a light industrial park in Edgemead, Cape Town, where Gavin had grown up. This evolved into the self storage idea, and using backing from Standard Bank, as the result of selling property, they founded Stor-Age.[10]

Whilst conducting market research, the co-founders traveled to the Australia, the United Kingdom, and the United States to learn about the self storage industry. They also sourced 120 existing South African self storage facilities, via the Yellow Pages (a prominent business directory at the time), and visited the sites to learn about such businesses, before putting a business plan together to start their own, similar company.[10]

In 2013, South African legislation was passed that allowed for the establishment of local real estate investment trusts (REITs), and Stor-Age listed as a REIT on the JSE Limited in 2015.[1][11]

In 2016, Stor-Age reported managing over 14,500 individual leases, up from 11,000 at the time that it listed in 2015. Also in 2016, the company had an 85.8% occupancy rate across its listing portfolio of 34 properties.[12]

In 2017, Stor-Age acquired self storage operator Storage RSA for R475 million. The deal added 7 properties (located in the Western Cape and Gauteng), totaling 43,000 m2, to Stor-Age's portfolio.[13]

In 2023, the company operated a total of 86 storage facilities. Stor-Age stated that business owners were using their facilities to, among other things, expand their logistics networks due to low commitment levels for monthly leases.[14]

In the same year, Stor-Age acquired a minority shareholding in UK-based self storage company Easistore.[15]

Stor-Age began a secondary listing on A2X, South Africa's second-largest stock exchange, in September 2022. At the time, the company had a market capitalization of approximately R6.5 billion.[8]

In 2024, Stor-Age opened 6 new storage facilities in South Africa, and a further 6 in the UK.[5]

In 2025, it was reported that Stor-Age was one of only 11 publicly traded self storage REITs globally, and that the company had outperformed the SA listed property index (SAPY) by 150% since listing on the JSE in 2015.[2]

Operations

[edit]

Stor-Age offers business and personal self storage solutions, as well as storage facilities for boats and cars, and parcel management services.[16]

As of 2025, the company operates a total of 107 storage sites. 63 are located across 5 South African provinces, most of which are in Cape Town, where it is headquartered, followed by Johannesburg, Pretoria, and Durban.[7] A further 44 sites are situated throughout the United Kingdom.[2]

In 2025, 71% of Stor-Age's customers were residential clients, while 29% were commercial.[17]

Stor-Age has a total gross leasable area of 616,739 m2, with most of the floorspace (544,536 m2) located in South Africa, and a further 72,203 m2 situated in the United Kingdom.[4]

See also

[edit]

References

[edit]
  1. ^ a b c d "Stor-Age - About Us". Stor-Age. Retrieved 20 November 2025.
  2. ^ a b c d "Stor-Age success story goes passed half a Million customers". SA REIT. 12 March 2025. Retrieved 20 November 2025.
  3. ^ "Executive Management Team". Stor-Age. Retrieved 20 November 2025.
  4. ^ a b c d e f g "Consolidated And Separate Annual Financial Statements, 2025" (PDF). Stor-Age. 2025. Retrieved 20 November 2025.
  5. ^ a b Sabrina Jardim (17 June 2025). "Stor-Age reports strong full-year results". Engineering News. Retrieved 20 November 2025.
  6. ^ Karl Gernetzky (17 June 2025). "Stor-Age lands better earnings, but dividend slips after cut to payout ratio". news24. Retrieved 20 November 2025.
  7. ^ a b "Stor-Age - Stores". Stor-Age. Retrieved 20 November 2025.
  8. ^ a b Malcolm Libera (20 September 2022). "Stor-Age to list on A2X". Daily Investor. Retrieved 20 November 2025.
  9. ^ "Fund Fact Sheet". Stor-Age. 31 March 2025. Retrieved 20 November 2025.
  10. ^ a b Suren Naidoo (16 August 2022). "What's behind the self-storage property boom?". Moneyweb. Retrieved 20 November 2025.
  11. ^ "Stor-Age Acquires All-Store Self Storage in Cape Town, South Africa". Inside Self-Storage. 8 March 2018. Retrieved 20 November 2025.
  12. ^ "The big business of storage in South Africa". BusinessTech. 22 November 2016. Retrieved 20 November 2025.
  13. ^ "Stor-Age close R500 million acquisition". eProp. 21 February 2017. Retrieved 20 November 2025.
  14. ^ PropertyWheel_G (24 January 2023). "Stor-age Reit Experiments With Micro-warehousing to Meet E-commerce Surge". Property Wheel. Retrieved 20 November 2025.
  15. ^ Akhona Matshoba (12 April 2023). "Stor-Age secures stake in UK-based Easistore". Moneyweb. Retrieved 20 November 2025.
  16. ^ "Stor-Age - Personal Storage". Stor-Age. Retrieved 20 November 2025.
  17. ^ "Audited Summary Consolidated Financial Statements, 2025" (PDF). Stor-Age. 2025. Retrieved 20 November 2025.