Kennards buys NZ self storage giant
Kennards Self Storage has picked up 13 New Zealand centres via the winning offer for operator National Mini Storage, which was offered for tender late last year.
With the deal – for 11,727 storage spaces across 99,247 square metres and a development site – Sydney based Kennards will operate from 126 locations.
Twenty four will be in NZ – 16 in Auckland – representing 18 per cent of the company’s lettable area.
The market value of its portfolio rises, to just over $4 billion.
Development upside
Kennards chief executive officer Sam Kennard said the latest New Zealand assets offer build out and rent-up opportunities.
An improvement to the service offer is planned, including extending opening hours and stocking a bigger range of boxes and moving supplies.
The company’s Business Class storage corporate arm, which offers access to services and multiple locations, will also be incorporated.
“We are delighted to have been successful in the acquisition of the National Mini Storage portfolio,” Mr Kennard said.
“It’s an iconic Auckland brand [with an] exceptionally well located and developed portfolio,” he added.
“The strong locations have been very well developed to provide customers a superior experience, setting a high watermark for quality and service,” according to the executive.
Kennards began in investing in New Zealand in 2007 via a portfolio of North Island assets.
National Mini Storage was established in 1991 in Penrose; it is now the biggest operator in Auckland with annual earnings between $25m-$30m.
The tender was launched January by KPMG New Zealand – with no option to split the business and real estate.
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