National Storage REIT has settled on the acquisition of its latest facility at Glendenning for $15.5m.
Developed as a turnkey project by Pioneer Capital, the storage facility at 13 Enterprise Drive occupies a 6,790sqm site. The facility provides approximately 6,000sqm of net lettable area over 2 levels and was completed in Q1 2021.
Pioneer Investment Group have participated in the Self Storage sector since 2014, acquiring, owning and developing facilities for Storage King, National Storage and others.
The Glendenning facility is one of five new facilities that National Storage are due to deliver in 2021. Other include Ipswich, North Lakes, Byford (WA) and Ellerslie (NZ) and add to the 204 existing Centres across Australia and New Zealand.
National Storage performed well during the COVID pandemic with total occupancy up 7.7% in 2020 driving underlying earnings up 14% on the prior corresponding period.
NSR continues to execute its “four pillars” growth strategy. This strategy focuses on achieving organic growth through rate and occupancy increases, maintaining its acquisition pipeline, undertaking high-quality developments and expansions in key markets – all overlayed by its use of new technology and innovation initiatives.
Our Views
National Storage are on our recommend list and continue to perform well in 2021.
Refer to our review of their recent results here.
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