National Storage REIT Launches New Expansion Fund

National Storage REIT (AU:NSR) has released an update.

National Storage REIT (NSR) has teamed up with GIC to establish the National Storage Ventures Fund, aiming to expand and manage self-storage centers in Australia. The partnership will see an investment of $270 million to develop an initial set of 10 storage facilities, with NSR managing the fund and selling the assets to it for $120 million to reduce debt. NSR also reaffirms its commitment to distribute 90-100% of its underlying earnings and maintain a minimum earnings per security of 11.3 cents.

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