Australia’s National Storage REIT draws third takeover bid

Australian-listed National Storage REIT (NSR) has announced it has received a takeover offer from Warburg Pincus, joining bids from Gaw Capital Partners and Public Storage.

NSR is Australasia’s largest self-storage owner-operator, with about A$1.95bn in assets under management.

NSR told the market that it had received an unsolicited non-binding proposal from US private equity market Warburg Pincus for 100% of its securities at a cash price of $2.20.

The indicative offer values the self-storage operator at $1.9bn.

The company said it had received the offer prior to US-listed Public Storage making its takeover bid with a cash price offer of $2.40 per security last week.

Both bids follow the cash price offer of $2.20 per NSR stapled security made by Hong Kong’s Gaw Capital last month.

All three offers exclude the already declared December 2019 distribution of $0.047 per stapled security set to be paid on February 28.

“NSR continues to work with these three parties in relation to proposals to acquire NSR and notes that discussions with each party are at this stage preliminary and subject to a number of conditions and there is no certainty that the discussions will lead to a final recommended offer,” the company said.

Listed on the ASX in 2013, NSR has more than 170 storage centres across Australia and New Zealand.

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