Australian self-storage operator National Storage REIT (NSR) has agreed to purchase a storage facility in Cairns, Queensland, for $9.9 million. The unnamed property comprises more than 5,200 square meters of rentable space in 550 units. The deal is expected to close in November, according to the source.

The acquisition continues the company’s expansion in Queensland, bringing its self-storage portfolio in the local market to 24 facilities. "We are thrilled to be expanding our presence up the coast of Queensland with this acquisition,” said Andrew Catsoulis, managing director. “The modern center is well-located southwest of the [central business district] and in close proximity to storage drivers, including retail precincts and residential areas. This acquisition presents an opportunity to add value to an established center in a market with few local competitors."

The deal is NSR’s second announced acquisition since it raised $57.5 million in April through a share placement. In June, the company agreed to purchase a five-property portfolio in Christchurch, New Zealand, for $23 million. The deal was expected to close in August.

NSR operates 87 self-storage centers in New South Wales, Northern Territory, Queensland, South Australia, Victoria and Western Australia. It’s the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange.

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