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National Storage REIT (NSR) agrees to purchase 5-property self-storage portfolio in New Zealand
The property has been sold for $23 Million

June 29, 2015: National Storage REIT, which operates 80 self-storage centers in New South Wales, Northern Territory, Queensland, South Australia, Victoria and Western Australia, has recently agreed to purchase 5-Property Self-Storage Portfolio in New Zealand. Reports:
"The New Zealand market remains highly fragmented with no dominant major owner," Andrew Catsoulis, managing director, told the source. "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."

5-Property self-storage portfolio is NSR’s first acquisition since it raised $57.5 million in April through a share placement. 

National Storage REIT officials indicated at the time of the placement that they would use the funds to reduce existing debt and pursue acquisitions. The storage operator previously raised $46 million in capital in August 2014.

National Storage REIT is the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange.

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