National Storage REIT (NSR AU): 15th April Vote On Brookfield/GIC's A$2.86/Share Offer

• On the 8th December 2025, National Storage REIT (NSR AU) entered into a Scheme with Brookfield and Singapore’s GIC.

• Brookfield/GIC tabled a A$2.86/share (~1.11x P/NTA 30th June 2025) Offer, the same terms as the 26th November NBIO. In addition to the vote, the transaction required FIRB and OIO approvals.

• The Scheme Booklet is now out, with a Scheme Meeting on the 15th April, and expected implementation on the 8th May 2026. The IE (Kroll) says “fair & reasonable“.

The Trade:

• Clean deal.

• Trading tight (as it has done from the onset) at ~1.3%/8.2% gross/annualised.

• Note: the Offer Price is now A$2.80/share after netting off the permitted dividend of A$0.06/share paid on the 20th Feb.