Devastating financial damage caused by storage unit looting revealed

Stor-Age announced in a trading update on Tuesday that approximately 60% of the total 15,100m² of storage space at its facility in Hillcrest suffered significant structural damage.

“These buildings require full demolition and rebuild,” Stor-Age said.

“A claim for damages to the value of R83 million plus VAT has been submitted to Sasria.”

Stor-Age said those parts of the property least impacted by the unrest—and where the necessary repairs have taken
place—are scheduled to re-open for trading in October 2021.

The company said that it has revenue protection cover in place with Sasria, and the initial claim submission to Hollard, on behalf of Sasria, has been completed.

According to Stor-Age, the Waterfall property had a carrying value at 31 March 2021 of R137.5 million, representing 1.8% of the total group Investment Property Value of R7.57 billion.

“While not legally obligated to have taken out insurance cover with Sasria on behalf of tenants, Stor-Age prudently took the decision from a reputational risk management perspective — up to certain limits per tenant/unit — to insure the contents of tenants’ self-storage units under the greater Stor-Age Sasria policy,” the company said.

Hollard/Sasria have registered these claims, and the loss adjustors are processing the claims accordingly.

The videos embedded below show the damage that rioters did to the Stor-Age Waterfall facility in Hillcrest.

Now read: Tremendous damage caused by looting shown in one table

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Devastating financial damage caused by storage unit looting revealed