| Mon 13 May 2024, 10:30 | | Voluntary announcement - Hines Management Agreement |
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Voluntary announcement - Hines Management Agreement
Stor-Age Property REIT Limited
Incorporated in the Republic of South Africa
Registration number 2015/168454/06
Alpha code: SSSI
(Approved as a REIT by the JSE)
("Stor-Age" or the "Company")
VOLUNTARY ANNOUNCEMENT – HINES MANAGEMENT AGREEMENT
The board of directors of Stor-Age is pleased to announce that it has entered into a third-party management
agreement with Hines to manage their recently acquired self storage portfolio in the UK.
Hines, a privately owned global real estate investment, development and management firm with a presence in
30 countries and $94.6 billion1 of assets under management, recently concluded the acquisition of the three-
property Kent Space self storage portfolio in the southeast of England.
The portfolio, acquired on behalf of Hines European Real Estate Partners 3 (HEREP III) from a local private
family proprietor, represents Hines' entry into the UK self storage market and will underpin their self storage
portfolio assembly ambitions in the UK, which will be executed by acquiring existing stores and completing new
developments.
The properties in the Kent Space portfolio are located in Ashford, Chatham and Ebbsfleet and offer 78 000 sq. ft
of self storage space and 30 000 sq. ft of complementary office space. Adding the portfolio to the Storage King
platform is highly complementary to the company's existing offering in Kent.
The HEREP III fund is seeking to grow a portfolio valued at over £200 million, initially focused on the UK but
expanding into European markets in the near future.
Comments Stor-Age CEO Gavin Lucas, "We are very pleased to have entered into the third-party management
agreement with Hines. This latest management contract further supports the high regard with which Storage King
is regarded in the UK self storage market, reaffirming the high quality and sophistication of the operating platform.
We look forward to working with Hines as they look to expand their presence in the UK self storage market."
Storage King now operates 43 properties throughout the UK with a total GLA of over 1.9 million sq. ft.
Cape Town, 13 May 2024
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
1
Includes both the global Hines organisation and Registered Investment Advisor assets under management, as of June 30 2023.
Date: 13-05-2024 10:30:00
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