Australian self-storage operator National Storage REIT (NSR) recently acquired a self-storage facility in Townsville, Queensland, Australia, for $17 million. It’s the first standalone acquisition for NSR, which began operating as a real estate investment trust in late 2013. The facility is the largest in the company’s 62-property portfolio.
Built in 2005, the facility at 399 Woolcock St. encompasses more than 16,500 meters of storage space. It features two two-story buildings and 1,467 storage units. Amenities include covered loading, a large reception area, rental offices, meeting rooms and an onsite manager’s residence.
The purchase will be funded from NSR’s debt facility, and settlement is expected later this month.
“This acquisition presents a significant opportunity for National Storage to add value and capitalize on the synergies of our center management platform, particularly around organic growth,” said Andrew Catsoulis, managing director. “It is well-located in an anticipated potential growth area with access to a broad customer base, including government and military markets, which we are keen to explore.”
NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange. The company is actively pursuing acquisition opportunities that are in line with its asset-management strategy, according to a company press release.