National Storage REIT in acquisition mode

National Storage Real Estate Investment Trust is on the lookout for asset acquisition and new development opportunities, launching a $30 million share purchase plan to complement its recently completed $300 million institutional placement.

The ASX-listed self-storage provider said it was currently considering around $120 million of acquisitions and developments, with the COVID-19 pandemic likely to provide additional opportunities.

The placement was fully underwritten by JP Morgan Securities and Citigroup Global Markets Australia and was priced at $1.57 per share.

Eligible shareholders have also been invited to participate in a $30 million share purchase plan at the same price.

NSR’s 183 self-storage facilities have remained open throughout the COVID-19 crisis, with its portfolio having an occupancy rate of 79 per cent.

The company has provided total shareholder returns of 15.3 per cent per annum since listing on the ASX in 2013, outperforming the ASX200 A-REIT index of 7.2 per cent.

“The equity raising provides NSR the funding capacity to continue being the primary consolidator of self-storage assets in Australia and New Zealand,” NSR said in a statement to the ASX.

“NSR has deep access to transaction opportunities, having developed extensive relationships with potential self-storage real estate vendors over a number of years and is one of only a few operators that can provide vendors with a ‘clean exit’.”