When we first released the Package Management preview in November, it was only available in the US – If your VS Team Services account was in some region other than the US, installing the Package Management extension would fail. This week, we deployed Package Management instances in Australia and Europe (which are the only other two regions in which we have Team Services instances). So, as of this week, you can install the Package Management extension in any VSTS account and your Package Management instance will automatically be hosted in the same region as the VSTS account.
Give it a try and let us know what you think!
Brian