National Storage REIT enters scheme deed with Brookfield, GIC
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The news: National Storage REIT has entered into a scheme implementation deed with Brookfield Asset Management and Singapore's GIC over its $4 billion takeover.
The numbers: National Storage shareholders will receive $2.86 cash per share. The stock last closed at $2.73.
The scheme consideration implies an equity value of $4 billion and an enterprise value of $6.7 billion for the target company.
The context: The deal is still subject to various customary conditions, including National Storage shareholders. The board has unanimously recommended they vote in favour of the buyout, which is expected to complete in the second quarter of 2026.
What they said: "The offer from the consortium follows a number of earlier offers and a period of negotiation," said National Storage chair Anthony Keane.
"The decision to recommend this offer follows extensive work by the NSR board and its advisers to assess the fundamental value of NSR and its medium-to-long term prospects."
Brookfield and GIC said in a joint statement: "The offer rewards NSR securityholders' investment with a significant certain cash premium to NSR's NTA as well as current and all-time historic trading levels.
"Brookfield and GIC both have extensive experience in the storage asset class in Australia and globally and we look forward to working with the NSR board to complete the transaction."
The source: ASX
