GAW and Wurburg drop NSR proposal

27 February 2020

On 18 February 2020, National Storage REIT announced that it had received a confidential non-binding indicative proposal from Warburg Pincus (WP) to acquire 100% of the issued stapled securities of NSR for a cash price of $2.20 per NSR stapled security and that WP was undertaking non-exclusive due diligence of NSR.


NSR has also previously announced the receipt of a further non-binding indicative offer from Public Storage with an indicative proposal price of $2.40 per NSR stapled security and that Public Storage is conducting non-exclusive due diligence of NSR.


WP has now advised NSR that WP has determined not to pursue an offer for NSR at this time. WP has withdrawn its indicative offer but reserved its right to revisit its decision at any time.


NSR is continuing to work with Public Storage in relation to its proposal to acquire NSR and Public Storage is continuing to conduct due diligence on NSR. There is no certainty that discussions with Public Storage will lead to a final recommended offer to NSR securityholders.


The Board of NSR is committed to acting in the best interests of, and maximising value for, NSR securityholders. The Board advises NSR securityholders to take no action at this time in respect of their securityholdings in NSR.