National Storage REIT is raising $300m through JP Morgan and Citi.
Shares are being sold at $1.57 each, a 7.1 per cent discount to their last closing price of $1.69.
The funds will be used to strengthen the company’s balance sheet.
As well as a $300m placement, the group will also raise $30m through a share purchase plan.
National Storage joins Charter Hall Social Infrastructure REIT in raising $115m in recent days, while retirement village operator Ingenia raised $175m.
Other real estate groups that have tapped the market amid COVID-19 disruptions are Lendlease, Shopping Centres Australasia and Charter Hall Retail REIT.
The raise comes after Public Storage walked away from a $1.9bn takeover of the Australian-listed National Storage, equating to $2.40 per share.
Its market value is now $1.34bn.
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