Room to move: National Storage to raise $300m to fund more growth
Brisbane company National Storage has announced a fully underwritten $300 million institutional placement as it takes another step in its aggressive growth path.
The company said it had continued to deliver strong growth with its revenue per available metre (REVPAM) up 5.1 per cent on June 2022 levels. (Image: NSR)
It will raise a further $25 million from investors through a security purchase plan.
The funds would be used for a consolidation plan and to repay debt but the company also said it had already settled 28 acquisitions totalling almost $200 million in 2023 and was committed to another $81 million.
There was also a further $100 million in potential acquisitions which were under active consideration.
The company said it had continued to deliver strong growth with its revenue per available metre (REVPAM) up 5.1 per cent on June 2022 levels.
Managing director Andrew Coutsoulis said the company was focused on increasing its REVPAM.
“Development and expansions are a key pillar of our growth strategy. These projects deliver tangible upside for NSR, from both the perspective of long term enhanced revenue as well as net tangible asset uplift,” he said.
Following the capital raising, NSR’s gearing will fall from 27 per cent to 24 per cent.
The company said the funds would strengthen liquidity and provide funding capacity to act quickly on acquisitions.
The bookbuild would be done with a range of $2.33 to $2.41 for each stapled security. The underwritten floor price is $2.33.
