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National Storage REIT to acquire $28M self-storage portfolio in Brisbane, Australia
The assets will have 19,200 square meters in 1,790 units

June 23, 2017: Australia-based self-storage operator National Storage REIT (NSR) has agreed to acquire a three-property portfolio from Elite Self Storage for $28 million. 

The deal includes a two-story facility in Brendale, comprising 3,700 net rentable square meters in 500 units, and another in nearby Lawnton, which encompasses 5,700 net rentable square meters in 440 units. The Lawnton property is on an arterial road with retail frontage, the release stated.

The third asset is a single-story facility in Rothwell. It comprises 10,300 net rentable square meters in 850 units and includes a “large hardstand storage area,” NSR officials said. Reports:
"We are delighted to be expanding our coverage to three well-established, high-population areas to the north of Brisbane with these high-quality, purpose-built, well-located storage centers,” NSR Managing Director Andrew Catsoulis said. “The close proximity of the Brendale and Lawnton centers provide for Brendale to be operated as a satellite center in an area with limited competition, new residential and commercial/retail developments, and a rapidly growing population."

The deal includes cash and NSR shares. The “stapled securities” are subject to an escrow period but are expected to be issued later this month, according to the release.

NSR manages 116 self-storage facilities across Australia and New Zealand. It’s the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange.