SYDNEY, AUSTRALIA: Maas Group Holdings (ASX: MGH) has agreed to sell its current self-storage portfolio to National Storage REIT (ASX:NSR), the leading self-storage owner and operator in Australia.
According to Australian Securities Exchange news, the portfolio includes 9 assets across NSW and ACT, with 4 completed and 5 partially completed properties.
The deal also involves a strategic partnership between Maas Group and National Storage to pursue new development opportunities in the self-storage sector. Six locations have been identified for potential development or joint venture agreements.
Maas Group Holdings CEO and Managing Director, Mr Wes Maas, said the announcement was exciting as it showed the company’s capital discipline and profitability, as well as its future growth potential through the partnership with National Storage.
He added that the sale of the existing self-storage portfolio would help the company exceed its asset recycling target of $70m in FY2024 and contribute to its capital recycling in FY2025 as the stage 2 properties are completed.