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.

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