National Storage taken private and offshore in record deal
In the priciest take-private of an ASX-listed real estate investment trust, offshore giants Brookfield and GIC have bought National Storage REIT – Australia and New Zealand’s largest self-storage owner and operator.
Securityholders received $2.86 per security cash – implying an enterprise value of about $6.7 billion including debt and committed development spending.
The deal includes control of over 300 self-storage centres and 100,000 residential and commercial customers.
Also with the development pipeline – for c490,000 square metres – the portfolio was valued at c$5.8b when the offer emerged in December.
Biggest take-private of ASX-listed REIT
Founder and managing director Andrew Catsoulis listed National Storage 13 years ago.
The Brookfield/GIC bid represents a c21pc premium to the business’ ($2.26) pre-bid trading price late last year. Shares were $2.79 when suspended on April 21 (continues below).
In an announcement Friday afternoon, the Canada-based giant said the acquisition expands its Australian exposure to alternative property sectors including storage, living, hospitality, logistics and office assets.
The investor has backed the acquisition through its opportunistic flagship real estate strategy.
Singapore sovereign wealth fund GIC already partnered with National Storage through an Australian joint venture before the takeover.
The pair said they would work with management to expand the platform and pursue development opportunities.
The deal comes two years since Abacus Storage King received an unsuccessful $2.2b takeover from interests linked to Nathan Kirsh and Public Storage.
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