National Storage REIT confirms takeover proposal, grants exclusivity to Brookfield, GIC

National Storage REIT (NSR) confirmed it received an unsolicited, non-binding, indicative, and conditional proposal from a consortium of Brookfield Property Group and GIC Investments (Australia) Pty Ltd. The consortium proposes to acquire 100% of NSR’s stapled securities via a scheme of arrangement, offering A$2.86 cash per stapled security. This amount would be reduced by any dividend or distribution paid for the financial half-year ending 31 December 2025 (up to 6 cents).

The indicative proposal is subject to several conditions, including satisfactory due diligence, execution of a binding scheme implementation agreement, unanimous recommendation from the NSR board, and regulatory approvals. The NSR board, with its financial and legal advisers, has granted the consortium access to due diligence and a period of exclusivity until 7 December 2025 to enable a binding offer.

NSR has appointed Citigroup and JP Morgan as financial advisers and Clayton Utz as legal adviser. The board notes that there is no certainty a binding agreement will be reached or that the potential transaction will proceed.