National Storage builds Perth portfolio

The ASX-listed investment vehicle of Brisbane company National Storage has teamed up with local business Parsons Group to construct five new self-storage centres in Perth.

National Storage will expand its Perth portfolio through a construction and management agreement with Parsons Group, with five sites in and around Perth already identified for development.

In a statement, National Storage said it would acquire up to three assets on completion of construction, with the remaining centres to be operated as National Storage centres by Parsons Group.

“The first centre at Jandakot is scheduled to open in September and will be owned by Parsons Group and managed by National Storage, generating an additional income stream for National Storage,” the company said.

Managing director Andrew Catsoulis said the arrangement would cement National Storage as the dominant player in the Perth market.

“This arrangement will entrench our major competitive advantage as the leading storage operator in Perth and see the National Storage portfolio increase to 17 centres in Perth in the short term,” Mr Catsoulis said.

Shares in National Storage Real Estate Investment Trust, the investment fund of National Storage, were 0.8 per cent lower to $1.65 per share at 11:20am.