BRISBANE, AUSTRALIA-Locally based National Storage has entered into a partnership with Chicago-based Heitman to purchase 20 storage properties in Australia. The sites were bought for about $175 million from APN Fund Management and the Investec Property Opportunity Fund (IPOF).

The properties are located in Sydney, Melbourne, Perth, Brisbane, the Gold Coast, Sunshine Coast and Hobart, and represent 1.1 million square feet with 11,000 units. National will operate the properties under its current branding structure. The sites also include assets under the Wine Ark brand, a wine storage provider.

Andrew Catsoulis, managing director of National, said in a statement that the JV intends to grow the self-storage portfolio with further acquisitions. “We will be targeting existing centers in capital cities in which we already operate,” Catsoulis said. “As the market leader in these areas, we will be looking to add critical mass to our current operating platform as well as add value to these existing operations. We currently operate 60 centers around Australia and believe that a target of 100 centers under National Storage ownership within the next two to three years is an achievable number.”