Sharechat Logo

ASX-listed National Storage makes NZ foray with $23 mln buy-up in Christchurch

Friday 26th June 2015

Text too small?

National Storage REIT, one of the largest self storage providers in Australia, has made its first foray across the Tasman spending $23 million building a storage portfolio in Christchurch.

The Brisbane based company will buy five sites in Christchurch, funded from existing facilities, it said in a statement to the ASX. The units in Redwood, Belfast, Opawa, Ferrymead and Hornby are expected to add to earnings per share in the first year with potential upside on a per square metre rate and development potential. The conditional deal is expected to settle in August.

"The New Zealand market remains highly fragmented with no dominant major owner," managing director Andrew Catsoulis said. "We have been reviewing the fundamentals of the New Zealand market for some time and they are highly attractive and fit squarely within NSR's acquisition metrics."

In April, the ASX listed company raised $57.5 million to cut debt and fund acquisition opportunities. The Christchurch portfolio is the first purchase since the capital raising.

Catsoulis said the company will continue to pursue opportunities in New Zealand in line with its acquisition metrics.

National Storage shares fell 3 percent to A$1.615, and have gained 15 percent this year.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Allied Farmers Limited (NZX: ALF) FY21 Half Year Report
New Zealand Rural Land Company Limited (NZX: NZL) Interim Report to 31 December 2020
Seeka Limited (NZX: SEK) Announces its 31 December 2020 Result
Evolve Education Group Limited (NZX: EVO) Announces Results for Year Ended 31 December 2020
Port of Tauranga Limited (NZX: POT) Reports Improved Profits
New Zealand Oil & Gas Limited (NZX: NZO) Half-Year Result 31 December 2020
Scales Corporation Limited (NZX: SCL) 2020 Annual Results Announcement
Marsden Maritime Holdings Limited (NZX: MMH) Half Year Result
Tourism Holdings Limited (NZX: THL) Interim Results FY21
Steel & Tube Holdings Limited (NZX: STU) Interim Results to 31 December 2020

IRG See IRG research reports