National Storage in Brisbane, Australia and Chicago-based Heitman, a real estate investment management firm, have entered into a partnership to purchase 20 storage properties in Australia. The facilities were purchased for $175 million from APN Fund Management and the Investec Property Opportunity Fund.
The properties in Brisbane, the Gold Coast, Hobart, Melbourne, Sunshine Coast and Sydney encompass 1.1 million square feet and 11,000 units. National will operate the properties and will include the Wine Ark brand, a wine-storage provider.
The joint venture plans to expand the portfolio with additional acquisitions, according to Andrew Catsoulis, National Storage’s managing director. National Storage currently operates 60 facilities in Australia. It hopes to add 40 more within the next two to three years. National was formed in December 2000 following the merger of Stowaway Self Storage, National Mini Storage and Premier Self Storage.