National Storage REIT expands presence in Wellington

Company News

by David Chau

National Storage REIT (ASX:NSR) is expanding its presence in New Zealand by acquiring its third freehold storage centre in Wellington.

The company will acquire the storage centre for NZ$9.75 million, with settlement expected to occur later this month. To fund this acquisition, the company increased its club banking facilities with Westpac Bank by NZ$50 million.

National Storage REIT says its new asset is a high quality centre – even winning a Facility of the Year Award from the Self Storage Association of Australia.

The company currently has 109 self-storage centres in Australia and New Zealand and services over 35,000 residential and commercial customers.

National Storage REIT posted a net profit of $44 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.