Allens has advised ASX-listed National Storage REIT (NSR) on its fully underwritten A$175 million equity raising.
NSR is one of the largest self-storage providers in Australia and New Zealand, and is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange.
The raising comprises an A$50 million institutional placement and an A$125 million pro-rata accelerated non-renounceable entitlement offer.
Lead Partner Chelsey Drake said: 'We are pleased to have worked with NSR on this raising, the proceeds of which 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 through identified initiatives'.
The capital raising was announced on 22 August 2018, with successful completion of the institutional placement and institutional component of the entitlement offer announced on 24 August 2018.
The retail component of the entitlement offer is due to close on 7 September 2018.
Allens legal team
Chelsey Drake, Lead Partner; Alexandra Feros, Managing Associate; Aidan Shanley, Associate and Mark Young, Law Graduate
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.