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GIC forms Australian self-storage JV with National Storage REIT
Investors - JUNE 14, 2024

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GIC forms Australian self-storage JV with National Storage REIT

by Andrea Zander

Singaporean sovereign fund GIC has plans to form a joint venture with National Storage REIT, an Australia-listed REIT, to pursue the development and operation of self-storage centers in Australia, according to a stock filing.

The joint venture, known as the National Storage Ventures Fund, plans to deploy A$270 million ($179 million) in total capital during the first 12 to 18 months of the partnership.

GIC will hold a 75 percent equity interest. NSR, which will hold the remaining 25 percent stake, seeded the joint venture with 10 assets from its existing development portfolio.

“The joint venture will assist NSR to maintain a stable earnings trajectory as it

accelerates the development pipeline and the new assets are being stabilized,” said Andrew Catsoulis, managing director at NSR. “In addition, NSR will be able to further leverage its world class development exper

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