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Investment Case

THE SOUTH AFRICAN SELF STORAGE LEADER

Leading and largest self storage property fund in South Africa, with a recent strategic entry into the UK
High-quality properties, with excellent visibility and easy access from arterial roads
Outstanding locations with high barriers to entry
Business model based on global best practice
Development capability and innovation
Market-leading operations and digital platform
Decade-long track record of developing, tenanting and operating self storage assets
Listed Portfolio South Africa
United Kingdom
Pipeline Portfolio
Number of properties 66 50 16 8
GLA m2 429 400 363 100 66 300 53 000
Value R6.2bn R4.2bn R2bn R700 million

OUR INVESTMENT CASE

  • Dynamic sector specialists, allowing for focused attention
  • Track record of growing investor returns
  • Recession-resilient sector: self storage is a niche asset class uncorrelated to traditional property drivers
  • Attractive forecast distribution growth, underpinned by robust self storage metrics
  • Secured pipeline of acquisition and development opportunities
  • Proven ability to identify, close and integrate value-add acquisitions
  • Strong cash flow
  • Favourable operating margins
  • Attractive earnings growth
  • Healthy balance sheet and conservative gearing
  • Low bad debt record (< 0.5% of revenue)
  • Low obsolescence and ongoing maintenance capex
  • High barriers to entry in key target locations

is underpinned by

OUR SUCCESS DRIVERS

  • Diversified tenant risk (33 100+ tenants across South Africa and the UK)
  • Presence in South Africa’s main metropolitan centres – Johannesburg, Tshwane, Cape Town and Durban
  • Prominent locations on main roads or arterials, with high visibility to passing traffic
  • Committed and passionate employees
  • UK management team with significant self storage operations experience, proven local expertise and a well-located property portfolio
  • Average length of stay in South Africa – 22 months
  • Growing demand and awareness among customers
  • Strong customer satisfaction, with customer service rated as “world class” according to the global Net Promoter Score (NPS) standard
  • In South Africa, 52% (2018: 52%) of customers store for more than one year
  • In the UK, 53% (2018: 51%) of customers store for more than one year
and

OUR VISION

OUR MISSION

To be the best self storage business in the world. To rent space.

OUR CORE VALUES

Excellence • Sustainability • Relevance • Integrity