National Storage, the nation’s largest self-storage manager, recently announced a JV with Singapore Sovereign Wealth fund GIC, which demonstrates there’s plenty of interest in Australian storage assets. The announcement leaves the door ajar for a far bigger investment from the fund, which controls ~$US750bn. It’s rarely a bad move to partner with large overseas players. Again, we like NSR because it’s not a traditional ASX property company; it has its niche, which is one MM believes will enjoy a macro tailwind over the coming years.
- We are believers in the transition to higher-density living, which means the demand for storage is likely to increase, a solid tailwind for NSR.
MM is long and bullish NSR
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