Australian self-storage operator National Storage REIT (NSR) has agreed to purchase a self-storage facility in Hamilton, New Zealand, its first in the country, for $7.4 million. The transaction is expected to close in October, according to a company press release.
The ranch-style property comprises more than 5,400 square meters of rentable storage space in 520 units. It’s on a major arterial road, just 2 kilometers southwest of the Hamilton Central Business District. The facility is similar in style to Australian self-storage properties, with interior and drive-up units as well as a manager's residence.
“This acquisition represents another milestone for NSR with our expansion into the North Island of New Zealand. As one of New Zealand's fastest-growing cities, Hamilton is an ideal location to initiate our North Island platform for future growth,” said Andrew Catsoulis, managing director. "This acquisition presents an opportunity to add value via our management platform and to consider a future expansion of the site in line with demand.”
This is NSR’s third announced acquisition since it raised $57.5 million in April through a share placement. The company agreed to purchase a five-property portfolio in Christchurch, New Zealand, for $23 million in June, and a single facility in Cairns, Queensland, for $9.9 million earlier this month.