The facility has been acquired for $7.4 million
September 15, 2015
: National Storage REIT (NSR), Australian self-storage operator has agreed to acquire a self-storage
facility in Hamilton, New Zealand.
“This acquisition represents another milestone for NSR with our expansion into the North Island of New Zealand. As one of New Zealand's fastest-growing cities, Hamilton is an ideal location to initiate our North Island platform for future growth,” said Andrew Catsoulis, managing director. "This acquisition presents an opportunity to add value via our management platform and to consider a future expansion of the site in line with demand.”
According to a company press release, the transaction is expected to close in October.
The property is on a major arterial road, just 2 kilometers southwest of the Hamilton Central Business District. The property has over 5,400 square meters of rentable storage space in 520 units.
The facility is similar in style to Australian self-storage properties, with interior and drive-up units as well as a manager's residence.
This is National Storage REIT’s third announced acquisition since it raised $57.5 million in April through a share placement.