National Storage REIT (NSR AU): Brookfield/GIC Firm A$2.86/Share Offer
After National Storage REIT (NSR AU) entered a trading halt on the 26th Nov, it subsequently announced a NBIO from Brookfield and Singapore’s GIC.
Brookfield and GIC tabled a A$2.86/share (~1.11x P/NTA 30th June 2025) Offer, by way of a Scheme. Any 1H26 distribution would be netted (not added, as I incorrectly posted previously).
This morning, NSR announced it has entered into a Scheme on the same terms. Implementation expected late April 2026. FIRB and NZ’s OIO approvals required, in addition to the vote.
The Trade:
Clean deal.
Trading tight at ~2.9%/7.9% gross/annualised, assuming late April completion.
Some extra shekels in franking credits for those who can take advantage.
Conclusions
Brookfield and GIC looked behind the curtain and liked what they saw.
The pricing is right/fair. It needed to be above NTA.
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