JSE Reit Stor-Age in joint venture with UK’s Moorfield

CAPE TOWN – JSE Reit Stor-Age, South Africa’s largest self-storage property fund, has entered into a joint venture (JV) with UK real estate fund manager Moorfield to develop self-storage assets worth R1.1 billion (£50 million), with the potential to increase to more than R2.1bn (£100m).

Stor-Age also provided a business update on Wednesday, saying it expected interim distributable earnings to grow by about 3 percent to about R220m in the six months to end-September. The interim dividend per share was expected to be about 52 cents compared with 54.89c in the prior year period.

Moorfield Group (Moorfield), has a 25-year track record of investing across most UK real estate sectors.

The UK-focused JV provided Stor-Age with a platform for its growth plans in the UK over the medium-term and would enable it to develop a portfolio of self-storage assets that were focused on London and the South East of England.

All properties would be branded and managed by Storage King as part of Management 1st, a comprehensive third-party management solution which Stor-Age launched in September 2019 for independent operators, developers and private equity owners in the UK.