Australian self-storage operator National Storage REIT (NSR) is looking to raise $57.5 million through a share placement at an issue price of $1.48 each. The funds will be used to reduce the company’s existing debt and enable it to pursue acquisitions, according to the source. The price represents a 4.5 percent discount to the March 25 closing price of $1.55 a share. NSR shares are currently in a trading halt pending the capital raising.
Morgan Stanley, the lead manager and underwriter for the placement, is seeking bids from investors today. The placement will represent 13.1 percent of NSR’s issued capital. The company last raised capital in August 2014, achieving $46 million at $1.25 a share.
NSR operates 80 self-storage centers in New South Wales, Northern Territory, Queensland, South Australia, Victoria and Western Australia. It’s the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange.
Sources:
- The Australian Business Review: National Storage Seeks $57.5M Via Share Placement
