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National Storage REIT: Scheme meetings confirm buyout pathway

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The National Storage REIT (ASX: NSR) share price is in focus as investors digest news of the proposed $2.80-per-security cash offer from a Brookfield and GIC consortium, valuing the group at over $4 billion. Security holders who held NSR securities at the record date also received a permitted distribution, taking the total cash value per security to $2.86.

What did National Storage REIT report?

  • The consortium of Brookfield and GIC has proposed to acquire 100% of National Storage REIT for $2.80 cash per security.
  • Eligible securityholders who held units as at 31 December 2025 have received a 6 cent permitted distribution, giving a total of $2.86 per security.
  • Kroll, the Independent Expert, valued NSR securities at $2.72–$2.86 and found the deal fair and reasonable.
  • National Storage’s enterprise value sits at around $6.7 billion, with FY26 1H underlying earnings up over 8% and REVPAM up 5.3%.
  • The business now operates 300 centres, serving more than 100,000 customers across Australia and New Zealand.

What else do investors need to know?

The proposed transaction is structured as a scheme of arrangement and trust scheme, requiring both security holder and court approval. Meetings took place on 15 April 2026 to vote on several resolutions relating to the buyout and company structure changes.

Directors unanimously recommended the transaction and confirmed they would vote their own holdings in favour, with no superior offer having emerged. Major regulatory approvals, such as from FIRB and the New Zealand Overseas Investment Office, have already been secured.

If approved, remaining steps include court approval expected on 21 April 2026, with implementation set for 8 May 2026. Trading in NSR securities will be suspended following effectiveness, and eligible holders as of the record date will receive their cash consideration promptly.

What’s next for National Storage REIT?

The focus now turns to the court’s decision and the final implementation of the acquisition. If all conditions are met, the transaction is expected to deliver a certain, all-cash outcome for investors — within the Independent Expert’s fair value range.

After a period of strong growth as a listed entity, National Storage REIT is set to transition to private ownership. The board expressed gratitude for stakeholder support and optimism for the company’s ongoing role in self-storage innovation under new ownership.

National Storage REIT share price snapshot

Over the past 12 months, National Storage REIT shares have risen 28%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 15% over the same period.

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The post National Storage REIT: Scheme meetings confirm buyout pathway appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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