Australian self-storage group National Storage REIT is raising A$325m (€202m) to fund acquisitions and developments.

The A$3bn ASX-listed firm issued a fully underwritten institutional placement to raise A$300m. It is also planning a further raising of A$25m through a non-underwritten security purchase plan.

Andrew Catsoulis, National Storage’s managing director, said the company’s growth strategy focussed on acquisitions which delivered accretive opportunities.

National Storage which operates some 200 facilities in Australia and New Zealand under operation or management, said that it had committed to buy 11 sites for about A$81m.

It has an acquisition pipeline valued at A$100m under active consideration. In the current financial year, the company had already completed acquisitions of 28 facilities costing a total of A$194m.

Catsoulis said the company had also completed development and expansion totalling 11,000sqm and it had a further 85,000sqm under construction with an anticipated cost of completion of A$124m.

“Developments and expansion are a key pillar of our growth strategy. These projects deliver tangible upside for the company,” he said.

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