National Storage REIT raises $50 million

Company News

by Kathy Skantzos

National Storage REIT (ASX:NSR) has raised $50 million in an institutional placement.

The fully underwritten placement to institutional and professional investors included more than 33 million new ordinary shares at a price of $1.50.

This is a 5.4 per cent discount from Tuesday’s (12 Dec) price.

Funds from the capital raising will be used for acquisition opportunities and to strengthen the company’s balance sheet.

Settlement of the securities is scheduled to occur on Monday 18 December with allotment the following day on Tuesday 19 December.

Shares in National Storage REIT (ASX:NSR) has been on a trading halt which was lifted today, and are trading 3 per cent lower to $1.54.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.