Australian self-storage operator National Storage REIT (NSR) has agreed to purchase a storage facility in Highett, Melbourne, for $17 million. The unnamed property comprises more than 4,600 square meters of rentable space in 700 units. The deal is expected to close in March, according to a company press release.
“We begin 2016 with an acquisition that will further strengthen our Melbourne presence, bringing the total number of centers owned or operated by NSR to 24,” said managing director Andrew Catsoulis. “The center is well-located with exposure to passing traffic and next to big-box retail. There’s an opportunity to add value by integrating the asset onto the National Storage operating platform and driving rate per square meter.”
The purchase will be funded from NSR's debt facility. The company is actively pursuing opportunities in line with its acquisition and asset-management strategy, the release stated.
NSR operates more than 90 self-storage facilities 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.