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A small cap dividend stock to buy

Jul 26, 2017 | Team Kalkine
A small cap dividend stock to buy

National Storage REIT


NSR Details
 
Recently, National Storage REIT (ASX: NSR) has entered into arrangements to acquire a portfolio of three freehold storage centers in the northern suburbs of Brisbane, Queensland. The portfolio comprises the Brendale (a double story drive-through center that comprises 500 units across 3,700 sqm of net lettable area), Lawnton (located on a major arterial road with retail frontage, the center comprises 440 units across 5,700 sqm of net lettable area), and Rothwell (a ranch style center which comprises 850 units across 10,300 sqm of net lettable area), with a large hardstand storage area. The proximity of the Brendale and Lawnton centers provide for Brendale to be operated as a satellite center in an area with limited competition, new residential and commercial/retail developments and a rapidly growing population. The portfolio is set to be acquired from the Elite Self Storage group for $28 million as a combination of cash and scrip, with the cash portion to be funded from NSR’s debt facility. Stapled securities (which will be subject to an escrow period) will be issued on settlement, which is expected in late June 2017. We maintain a “Buy” recommendation on the stock at the current price of $1.53
 

NSR Daily chart; (Source: Company reports)


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