Aviva Investors completes a £21 million sustainable-linked loan to JSE REIT Stor-Age

(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva) announces that is has provided JSE REIT Stor-Age, South Africa’s leading and largest self-storage property fund, with a new £21 million, 7 year sustainability-linked loan facility. 

The increased lending capacity will support future growth for Stor-Age’s UK portfolio, trading under the brand Storage King. Storage King is the sixth largest self-storage business in the UK, currently operating 22 sites throughout the country. The loan is secured against five self-storage properties in the UK.

This has further increased Aviva Investors exposure to the self-storage sector and continues the strong progress made on sustainable transition loans since launching its framework in December 2020. 

Commenting on the transaction Gregor Bamert, Head of Real Estate Debt at Aviva Investors, said: “We are delighted to be supporting the growth and sustainability focus of Storage King through this new loan. We see the self-storage market as a dynamic one, where experienced operators can tap into a growing market allowing for stable and secure income to debt investors.”

Gavin Lucas, CEO of Stor-Age said:

“We believe that Aviva Investors is well suited to support the Storage King business and our future growth plans within the UK. The loan, which is aligned with the Aviva Investors’ Sustainable Transition Framework, is structured such that achievement of certain environmental KPIs will trigger a reduction in loan margin.”

For more information contact:

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James Morgan

Media Relations Manager

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Steve Ainger

Head of Media Relations

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Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £366 billion in assets as at 31 December 2020.

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