National Storage REIT gets $2.6 billion offer from Brookfield-led group
Nov 26 (Reuters) - Australia's National Storage REIT NSR.AX said on Wednesday it has received a A$4.02 billion ($2.61 billion) takeover offer from a consortium of global asset manager Brookfield BAM.N and Singapore's sovereign wealth fund GIC Investments.
The consortium has offered National Storage shareholders A$2.86 in cash per share, a 26.5% premium to the stock's last close on Tuesday.
National Storage, Australia's largest self-storage provider, has agreed to provide exclusive due diligence access to the consortium till December 7.
The offer comes after an earlier confidential proposal and certain negotiations, including providing limited due diligence to the consortium, the company said in a statement.
Shares of the Brisbane-headquartered firm went on a trading halt pending the announcement. The stock jumped 19.5% to A$2.70 in the final settlements after market close, LSEG data showed.
National Storage provides self-storage solutions to approximately 94,500 residential and commercial customers at more than 270 storage centres across Australia and New Zealand, according to its website.
The company, which has appointed Citigroup and JP Morgan as its financial advisers, said the offer is subject approvals from regulators including the Foreign Investment Review Board and the competition regulator.
National Storage REIT is not foreign to takeover offers. In 2020, it was a buyout target for U.S.-listed Public Storage PSA.N, Warburg Pincus and China's Gaw Capital Partners.
Public Storage was the final contender before itwalked away from its $1.25 billion bid strained by weak market conditions stemming from the Covid-19 pandemic.
($1 = 1.5380 Australian dollars)
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