To Enter New Zealand Market With Acquisition
The ranch style centre comprises 520 units over 5,400 sqm of net lettable area and is located on a major arterial road just two kilometres south-west of the Hamilton CBD. It is similar in style to Australian storage centres with internal storage, driveway units and a manager's residence.
Managing Director Andrew Catsoulis said "This acquisition represents another milestone for NSR with our expansion into the North Island of New Zealand. As one of New Zealand's fastest growing cities, Hamilton is an ideal location to initiate our North Island platform for future growth" he said.
"This acquisition presents an opportunity to add value via our management platform and to consider a future expansion of the site in line with demand" said Mr Catsoulis.
The asset will be purchased for approximately NZ$7.4 million and is to be funded from NSR's NZ debt facility. The transaction fits within NSR's target yield range and remains conditional, and should it proceed settlement is expected in October 2015.
National Storage continues to actively pursue acquisition opportunities in line with its acquisition and asset management strategy.
About National Storage REIT
National Storage (ASX:NSR) is one of the largest self-storage providers in Australia and New Zealand, with 123 centres providing tailored storage solutions to over 40,000 residential and commercial customers. NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).
National Storage REIT