National Storage REIT to raise A$300m for investments

Australia’s largest storage company, National Storage REIT, has plans to raise A$330 million ($213 million).

The company says it has A$120 million ($77 million) of acquisition and development opportunities under consideration, but anticipates more will arise as the COVID-19 pandemic continues.

"The self-storage markets in Australia and New Zealand remain highly fragmented, and NSR is well-positioned as the leading acquirer of self-storage assets in these markets,” said NSR in a statement. "The COVID-19 pandemic may also provide additional acquisition and development opportunities over the next 12 to 18 months. With a strengthened liquidity position as a result of this Equity Raising, NSR will be in a strong position to capitalize on these opportunities as they arise."

To date for 2020, NSR has made 16 acquisitions in Australia and New Zealand, ad