ACQUISITIONS CONTINUE TO DRIVE THE EXPANSION OF BRISBANE-BASED NATIONAL STORAGE
Written on the 18 April 2017 by Ben Hall
NATIONAL STORAGE (ASX: NSR) has expanded its Perth Development Portfolio with acquisitions totalling $18.6 million across three properties and plans for a further two sites in and around the city.
The Brisbane-based company, which is one of the largest self-storage providers in Australia and New Zealand, will take ownership of a property at the Jandakot Airport Precinct from Parsons Group for $8.1 million.
Parsons Group have owned and operated National Storage Jandakot under licence since it opened in October 2015 and NSR will acquire the business this month and take over the leasehold in June 2017 after the completion of additional storage buildings.
A new storage centre at the Perth International Precinct is under construction and is expected to be completed by July 2017 and National Storage will acquire the long-term leasehold for a purchase price of $8.9 million.
The third change to National Storage's Perth portfolio involves two sites in suburban Cockburn. National Storage Cockburn operates the two sites and Parsons Group will acquire one of them for around $1.6 million.
"We continue to cement our position in the Perth market and our strong relationship with Parsons Group has seen the successful delivery of three high quality storage centres to date," says National Storage managing director Andrew Catsoulis.
"These transactions highlight the successful execution of our portfolio management and recycling strategies and demonstrate our design and development management capabilities," he says.
"National Storage continues to actively pursue acquisition opportunities in line with its acquisition and asset management strategy."
The company says it plans to expand its Perth Development Portfolio with a further two sites under consideration for construction of high quality centres in the city area.
National Storage currently has 113 centres and 35,000 residential and commercial customers.
The Perth expansion follows on from its high-profile acquisition at Bundall on the Gold Coast in March.
These acquisitions helped drive NSR's first half revenue up by 46 per cent to $54.4 million.
Catsoulis will be discussing this latest achievement in addition to many of his other career highlights at the Business News Australia Breakfast Series on April 26.
To hear how Catsoulis built National Storage to a business with almost $1 billion in assets under management since its public listing in 2013, you can click here to book your tickets to the event.
Business News Australia
Author: Ben Hall