KSS July Edition eKourier 2025

FEATURE

KENNARDS SELF STORAGE ACQUIRES NATIONAL MINI STORAGE 13 AUCKLAND LOCATIONS

Reflecting on the journey, National Mini Storages founder expressed pride in the business’s reputation and growth, and satisfaction in seeing the assets transition to another privately owned family enterprise, Kennards Self Storage. National Mini Storage CEO Caroline Plowman commented, “It’s been a real privilege to work with National Mini Storage over the past eight years. The culture has always encouraged empowered leadership, with a clear focus on building a high-quality, profes- sional, and well-regarded business. It’s easy to see why Kennards Self Storage are drawn to it – they share similar values and vision. With its strong metropolitan presence, the business is a natural fit for them.”

high quality portfolio. National Mini maintained a strategy to concentrate the business in Auckland, New Zealand's largest metropolitan area. This provides additional synergy and economy of scale. Kennards Self Storage first entered the New Zealand storage market in 2007 with a portfolio acquisition across the North Island, including properties in Hawkes Bay, Tauranga, Wellington and Palmerston North. Adding 13 National Mini Storage locations to the 3 centres we already operate in Auckland brings our total in Auckland to 16 locations. We also have 8 other storage centres in NZ, so now there are 24 locations in our NZ network. Kennards Self Storage now operates 126 locations with 100,939 storage spaces of rentable space across Australia and New Zealand. The acquisition leapfrogs New Zealand to become Kennards Self Storage second largest market in the group, growing from 7% of Kennards Self Storage total rentable space of 59,991sqm to 18% of Kennards Self Storage total and 167,137sqm (Shown in the charts below).

L to R: Darren Marshall (KSS COO), Matthew Garelli (NZ Ops Mgr), Tony Vuong (KSS Head of Ops), Andrew Kirkham (KSS NZ Ops Mgr) outside Newmarket. I t is a delight to announce that we have successfully acquired Auckland's iconic storage brand, National Mini Storage. After coming on market in early 2025, we entered a competitive sale process to assess and bid. We were selected as the preferred buyer and closed the transaction on July 1st. On that day we welcomed close to 50 new Team Members into the Kennards Self Storage business. We also acquired 13 Grade A operating locations with 11,272 storage spaces and 99,247 square metres of rentable space, and one development property. The portfolio still has a significant proportion of additional build-out and rent-up. National Mini Storage began in 1991 when the entrepreneurial owner developed his first experimental project in Penrose, after seeing it on a trip to Queensland. Over three decades he secured outstanding locations and developed a high-class portfolio. This requires patience and discipline, and represents a generation of entrepre- neurial endeavour, risk and hard work. There are no shortcuts to developing a

From the beginning of this process, it was clear that National Mini Storage has high standards and a culture of quality outcomes for customers, these values align closely with our business. KSS Post Acquisition Weighting Analysis

L to R: Sam Kennard (KSS CEO) with Caroline Plowman (NMS CEO) outside Hobsonville.

Pre & Post Acquisition NLA m2 (Includes NMS expansions)

SA 7%

NZ 7%

SA 6%

NLA Growth +13%

NZ 18%

QLD 15%

NSW 49%

NSW 56%

VIC 15%

QLD 13%

Pre Acquisition

VIC 14%

Post Acquisition

9 Kennards Kourier July 2025

SA 6% Pre & Post Acquisition # Units (Includes NMS expansions)