NSR +3.14%: the self-storage manager announced a JV with Singapore Sovereign Wealth fund GIC to develop an initial portfolio of 10 assets, with the partnership planning to deploy $270m within the next 18 months. NSR will own 25% of the venture but will act as the manager for the initial 5-year term. NSR will reap $120m from asset sales into the fund, helping to reduce debt. The deal shows plenty of interest in Australian storage assets and the announcement leaves the door ajar for a far bigger investment from the fund which controls ~$US750b.
MM is long and bullish NSR
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