01
Urban densification
Smaller homes and apartment living can create ongoing demand for secure off-site space.
Invest from the ground up
InCase Self Storage Investment Opportunity
Invest in the space behind everyday demand.
A private self-storage investment opportunity combining established operating facilities with a targeted expansion strategy across key South African growth nodes.
For institutional, high-net-worth and other qualifying investors. Investment in preference shares carries risk. Target returns are not guaranteed and remain subject to market conditions and underlying SPV performance. Please review the full PPM before making an investment decision.
Alternative real estate
Operational facilities with room for expansion.
Preference Dividend
8.0% p.a.
Stated preference dividend, distributed quarterly.
Target Overall IRR
16.0%*
Target only. Not guaranteed.
Investment Horizon
5 years
3 years + 1 day minimum lock-in.
The alternative asset case
Why self-storage?
Storage demand is created by ordinary changes in the way people live and businesses operate. The investment thesis is supported by several structural demand drivers rather than one single customer segment.
02
E-commerce growth
Online retailers and smaller operators can use flexible urban storage as micro-warehousing and last-mile inventory space.
03
SMME flexibility
Month-to-month storage can offer smaller businesses scalable space without traditional long industrial lease commitments.
04
Needs-based demand
Moving, downsizing, renovations, business changes and other life transitions can create recurring demand for extra space.
Facility exterior
Interior units
Operating portfolio
Why InCase
A current operating base with established scale.
We operate an established portfolio across Buh-Rein, Pretoria East and Pretoria North, supported by a growth roadmap extending into Midrand and Roodepoort.
- We operate established brownfield facilities intended to provide income cover.
- We are expanding through greenfield and conversion projects aimed at increasing portfolio scale and Net Asset Value.
- We provide secure, affordable and flexible storage solutions for households and businesses.
- We use tech-enabled facility management, monitored security and automated operational systems across our portfolio.
93.1%Current physical occupancy
3,130Current unit inventory
49,770.85 m²Current gross lettable area
R4.159mMonthly revenue potential • excl. VAT
Portfolio strategy
One portfolio. Two capital strategies.
The investment strategy is designed to combine operating assets with planned development exposure.
Capital allocation
60% Brownfield / 40% Greenfield
Existing facilities • intended yield cover
Development • targeted NAV growth
Transaction structure
InstrumentSecured Redeemable Preference Shares
Voting rightsNon-voting
Raising partnerStock Capital (Pty) Ltd
Regulatory referenceFSCA FSP 53896
Total term5 years
Minimum lock-in3 years + 1 day
Income component
8.0% p.a. preference dividend
Stated to be distributed quarterly. Investment outcomes remain subject to the PPM terms and underlying performance.
Growth objective
16.0% target overall IRR*
A target return, not a guarantee. Forward-looking assumptions and investment risks should be reviewed in the PPM.
Year 5 framework
Three potential exit pathways
Strategic REIT portfolio buyout, portfolio refinancing/dividend recapitalisation, or Sponsor buyback.
Investment strategy
Solid foundations. Strategic expansion.
Invest in a multi-tiered self-storage portfolio that balances immediate cash flow with aggressive capital growth. We anchor the fund in high-yielding, established facilities, while continuously driving upside through newly acquired assets and a robust development pipeline.
01
The Foundation
Established assets
Fully operational, cash-flowing facilities across Buh-Rein, Pretoria East and Pretoria North. These stabilised assets maintain consistently high occupancy and form the resilient yield engine of the portfolio.
93.1%
Current physical occupancy
3,130
Current unit inventory
49,770.85 m²
Current gross lettable area
R4.159m
Monthly revenue potential • excl. VAT
02
The Upside
Newly acquired assets
Fully financed properties recently added to the balance sheet. These facilities are currently in the active lease-up phase, rapidly scaling toward stabilised occupancy and optimal net operating income.
90%
Target stabilised occupancy
1,614
Acquired storage unit inventory
22,738 m²
Gross leasable area (GLA)
R1.890m
Monthly revenue potential • excl. VAT
03
The Growth Pipeline
Targeted expansion
A rigorous due diligence pipeline targeting high-demand urban nodes. The active growth strategy includes multi-tiered developments and commercial conversions in Midrand and Roodepoort, designed to aggressively drive Net Asset Value expansion.
90%
Target stabilised occupancy
~2,636
Target pipeline unit inventory
~40,283 m²
Target gross leasable area (GLA)
~R3.361m
Target monthly revenue potential • excl. VAT
Pipeline and target figures are forward-looking and should not be treated as guaranteed outcomes.
Growth roadmap
From operating portfolio to targeted scale.
The PPM sets out forward-looking portfolio objectives tied to the Midrand and Roodepoort expansion projects. These figures are targets and should not be treated as guaranteed outcomes.
Current operating portfolio
3,130 units
49,770.85 m² current GLA
Target portfolio
4,811 units*
74,101 m² target GLA*
Target market valuation*
R671.8m
Target upon the portfolio roadmap and development assumptions described in the PPM. Not guaranteed.
Investor Webinar
Understand the opportunity before you invest.
Join the Stock Capital investor webinar for a guided walkthrough of the InCase Self Storage opportunity, including the portfolio, investment structure, target returns, growth roadmap and the key risks investors should understand.
01Why self-storage and the demand drivers behind the asset class
02The current InCase operating portfolio and expansion roadmap
03How the preference-share structure and target return profile work
04Risk factors, investment term and potential Year 5 exit pathways
Webinar content is for information purposes only and does not constitute financial, legal or tax advice. Investment carries risk and target returns are not guaranteed.
Stock Capital x InCase
Live investor opportunity walkthrough
Private Placement Memorandum
Read the investment case in full.
The PPM contains the detailed investment thesis, transaction structure, portfolio information, return targets, development roadmap, risk disclosures, fees, eligibility requirements and material terms.
Investment structure
Portfolio analytics
Target returns
Capital allocation
Risk disclosures
Exit framework
Download the PPM
Please review the complete PPM and obtain independent legal, tax, accounting and investment advice where appropriate before making an investment decision.
Investor application
Interested in the InCase opportunity?
Applications are subject to investor eligibility, due diligence, the final offer terms and acceptance in accordance with the private placement process.
1Review the PPM and understand the investment structure and risks.
2Complete the investor application and qualification process.
3Stock Capital reviews eligibility and the application before any investment is accepted.
Apply to invest
Continue to the investor application to provide your details and begin the qualification process.
This opportunity is intended for qualifying investors as described in the PPM. Completing an application does not guarantee acceptance or constitute investment advice.
Investor Actions
Take the next step with InCase.
Ready to move forward? Apply to invest directly or register for the next investor webinar to explore the opportunity in more detail.
Investor Application
Apply to Invest
Complete the investor application to begin the qualification process for the InCase Self Storage investment opportunity.
Investor Webinar
Register for the Next Webinar
Join the next investor webinar for a closer look at the portfolio, investment structure and targeted growth strategy.
Investment in preference shares carries risk. Target returns are not guaranteed. Prospective investors should review the Private Placement Memorandum before making an investment decision.
Investor questions
Frequently asked questions
What exactly am I investing in?
The PPM describes a private placement through secured, non-voting Redeemable Preference Shares in the investment structure supporting the InCase Storage portfolio. Review the final PPM for the complete legal structure and terms.
Is the 16% IRR guaranteed?
No. The 16.0% overall IRR is a target, not a guaranteed return. Actual investment outcomes are subject to market conditions, execution of the portfolio strategy, the performance of the underlying SPV and the other risks described in the PPM.
How is the preference dividend structured?
The PPM states an 8.0% per annum preference dividend distributed quarterly. Investors should review the final PPM for all payment conditions, restrictions and risk factors.
What is the investment term?
The PPM describes a five-year total term with a minimum lock-in of three years and one day.
How is capital intended to be deployed?
The portfolio strategy allocates 60% to operational Brownfield facilities and 40% to value-add Greenfield developments, with the aim of balancing operating income cover and portfolio growth.
What happens at the end of the investment term?
The PPM sets out three potential Year 5 exit pathways: a strategic REIT portfolio buyout, portfolio refinancing and dividend recapitalisation, or a Sponsor buyback. These are potential pathways and are not guaranteed.