This article is from the Australian Property Journal archive
NATIONAL Storage REIT has teamed up with Universal Self Storage to establish the Australian Prime Storage Fund.
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NSR will be a cornerstone investor with an equity interest of up to 25%.
APSF will facilitate the development and ownership of self-storage centres, in the inner city markets.
NSR will assist the fund with site identification, selection and acquisition, feasibility and providing input into design and development.
The fund is expected to develop up to $100 million of assets and NSR will hold a first right of refusal to purchase the assets.
Managing director Andrew Catsoulis said the partnership will strengthen NSR’s market presence and provide a new premium grade storage product for the Australian market.
“We are very excited about the establishment of APSF and our partnership with Universal Self Storage, who have a successful track record of privately developing high quality self-storage centres in Australia and overseas.
“APSF will allow NSR to continue to undertake greenfield and brownfield storage developments, while delivering additional market share for the National Storage brand. The fund assets will also provide an important potential pipeline of premium institutional grade acquisitions into the future,” Catsoulis said.
Australian Property Journal
