Stor-Age expands KZN footprint with R59m Ballito acquisition

Stor-Age has expanded its KwaZulu-Natal footprint with the acquisition of Execustore Ballito for R59m, adding a 5,700m² facility to its portfolio, which now stands at 110 properties.

The JSE-listed self-storage real estate investment trust said the deal strengthens its presence on the North Coast, where Ballito is emerging as a high-growth node supported by strong underlying demand for storage space.

The property, located close to key retail and transport routes, will serve surrounding areas, including Salt Rock, Zimbali and Shaka’s Rock, with plans to expand the facility to over 7,000m² in due course, the group said.

The acquisition follows recent deals in Pinetown and New Germany, as Stor-Age continues to build its footprint in the province as part of a broader strategy to grow a geographically diversified portfolio across South Africa and the UK.

The group plans to expand to 90 properties by 2030, targeting growth through a balanced pipeline of new developments, selective acquisitions and conversions in high-growth urban and regional markets

In December last year, the group raised R500m through a share sale, with the proceeds intended to support its property strategy and fund future acquisitions.

The group specialises in acquiring, developing and managing self-storage properties in South Africa and the UK. It operates as South Africa’s largest self-storage fund and runs its UK business through Storage King, serving more than 56,000 customers.

The group plans to expand to 90 properties by 2030, targeting growth through a balanced pipeline of new developments, selective acquisitions and conversions in high-growth urban and regional markets.

Some of the demand for the group’s storage properties is driven by events such as bereavement, separation, marriage, family expansion, downsizing, moving house or emigration, which create a need for temporary or longer-term storage, the group said.

This is compounded by urbanisation and rising population density, where shrinking homes leave less space for belongings, and by limited availability of industrial and logistics space, which is pushing businesses toward flexible self-storage solutions.