ASX listed storage company, National Storage REIT announced the completion of placement and Institutional Entitlement offer, raising approximately $138 million. This comes as a completion of first stage of $175 million equity raising, fully underwritten, announced on 22 August 2018.
The company raised gross proceeds of approximately $50 million and $88 million from Placement and Institutional Entitlement Offer, respectively. It was priced at $1.66 per share, reflecting a discount of 6.5% to the recent close.
Managing Director Andrew Catsoulis said “We (NSR) are very appreciative of the support received from investors for National Storage and its growth strategy. The equity raising will allow National Storage to reset its balance sheet, accelerate its acquisition and development pipeline and position for future growth opportunities.”
Issuance of new Securities as part of this fund raising is to be done on 4 September 2018, with trading on ASX expected to commence on the same day.
Following the update, NSR stock tumbled on ASX by 4.225% to $1.700 on 24 August 2018.
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