National Storage REIT enters New Zealand market
National Storage REIT, based in Brisbane Australia and the first publicly listed independent, internally managed and fully integrated owner and operator of self-storage centres in Australia has announced that it has acquired 5 self storage facilities in Christchurch, New Zealand. The acquisition represents National Storage entrance into the New Zealand self storage market.
The 5 self storage facilities are traditional drive-around style centres and have been acquired for approximately NZD$23 million and is to be funded from NSR’s debt facility.
Managing Director of National Storage REIT Andrew Catsoulis commented.
“The New Zealand market remains highly fragmented, with no dominant major owner. We have been reviewing the fundamentals of the New Zealand market for some time and they are highly attractive and fit squarely within NSR’s acquisition metrics.”
“We are excited to be taking the National Storage brand to New Zealand, in what is a natural progression into a market with similar dynamics to Australia. The transaction represents a unique opportunity in Christchurch to acquire a sizeable portfolio with main road exposure and significant opportunity for further development,” continued Mr Catsoulis.
In April this year, National Storage REIT raised AUD$57.5 million to help fund acquisition opportunities. This acquisition is the first since the capital raising and National Storage will continue to actively pursue opportunities that are in-line with its asset management and growth strategies.
Continued investment in self storage by current operators highlights the believe that the industry still has much potential to grow. This acquisition by National Storage highlights that continued confidence in the self storage industry and its growth potential even in the markets with higher penetration rates.