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National Storage REIT raises A$50M with closing of institutional placement

National Storage REIT completed the placement of 33,333,334 new ordinary stapled securities to institutional and professional investors to raise A$50 million.

The securities were priced at A$1.50 per stapled security, a 5.4% discount from the company's Dec. 12 closing price.

Settlement is slated to take place Dec. 18, while the allotment will occur the following day.

Proceeds from the placement will be used to partly fund the acquisition of 11 storage centers in Australia, which will be purchased for A$102 million.

Morgan Stanley Australia Securities Ltd. and JP Morgan Australia Ltd. were the underwriters and joint lead managers of the placement.