Australia-based self-storage operator National Storage REIT (NSR) intends to raise $15 million through a share-purchase plan. The funds will be used to reduce debt and to provide flexibility in pursuing acquisition opportunities, according to a press release. The offer opened yesterday with shares priced at $1.50.

The purchase plan isn’t underwritten, and the total raised may be subject to a cap. The share price is the same as what institutional investors paid in a recent placement that raised $50 million, the source reported.

Last year, NSR acquired a three-property portfolio in the Brisbane, Queensland market from Elite Self Storage for $28 million.

NSR operates 125 self-storage facilities across Australia and New Zealand. 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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