National Storage REIT, which owns 290 self-storage centres across Australia and New Zealand, said on Monday it had agreed to the buyout by Brookfield Asset Management, the global alternative asset manager, and GIC, Singapore's sovereign wealth fund.
Under the deal, National Storage REIT security holders will receive $2.86 in cash per stapled security, a 26.5 per cent premium to NSR's closing price on November 25, the day before the consortium expressed interest.
National Storage REIT (NSR) stapled securities were up 2.6 per cent to $2.80 in Monday morning trading.
"The NSR Board believes the transaction provides attractive value and certainty for NSR security holders with an all-cash offer at a significant premium to the undisturbed trading price," said NSR chairman Anthony Keane.
The offer from the consortium follows a number of earlier offers and negotiations, Mr Keane said.
National Storage has its roots in a company named Stowaway Self-Storage, which began in a single location in Oxley, Brisbane in 1995.
In 2000 it grew to 14 locations with its merger with National Mini Storage and Premier Self-Storage, which resulted in its current name.
The company listed on the ASX in December 2013.Â
National Storage said the takeover represented an annualised total return of 15.1 per cent for security holders who participated in that initial public offering.
National Storage expects the transaction could be completed by the second quarter of 2026, assuming shareholders approve it at a special meeting expected to be held in April.
