Capital markets specialists aid in $175m raising

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Allens has advised ASX-listed National Storage REIT (NSR) with a major capital raising.

The company, one of the leading self-storage providers in Australia and New Zealand, has launched a $175m fully underwritten equity raising, made up of a $50m institutional placement and a $125m pro-rata accelerated non-renounceable entitlement offer.

Corporate and capital markets partner Chelsey Drake led the Allens team. She said that the proceeds of the raising will be used to strengthen NSR's balance sheet, reduce gearing levels and provide longer-term funding flexibility to continue its consolidation strategy and pursue further growth.

The capital raising was announced on 22 August. The institutional component successfully closed on 24 August, while the retail tranche will close tomorrow, 7 September.