Australia-based self-storage operator National Storage REIT (NSR) has agreed to acquire a facility in Wellington, New Zealand, from Storage Solutions 2002 Ltd. and Paremata Business Park Ltd. for NZ$9.75 million. The asset comprises 4,300 net rentable square meters in 500 units. The deal is expected to close by the end of the month, according to an NSR press release.
The property, adjacent to Kenepuru Hospital and other businesses, will be NSR’s third in Wellington. “We are delighted to expand our presence in Wellington with such a high-quality center. This asset is a previous winner of the Self Storage Association of Australia Facility of the Year Award, denoting the quality of build and operation,” said Andrew Catsoulis, managing director of NSR. “This acquisition will further strengthen our brand in Wellington and enhance our New Zealand operating synergies. There is opportunity to drive rate per square meter and potential for further development across the site.”
NSR increased its available capital with Westpac Banking Corp. by NZ$50 million to help fund the acquisition, the release stated.
NSR operates 109 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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