Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 8th December 2025, <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> entered into a Scheme with Brookfield and Singapore's GIC.</li>
<li>Brookfield/GIC tabled a A$2.86/share (~1.11x P/NTA 30th June 2025) Offer, the same terms as the 26th November NBIO. In addition to the vote, the transaction required FIRB and OIO approvals.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20260310/pdf/06x827xpj8ywfr.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 15th April, and expected implementation on the 8th May 2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


On the 8th December 2025, National Storage REIT (NSR AU) entered into a Scheme with Brookfield and Singapore's GIC.
Brookfield/GIC tabled a A$2.86/share (~1.11x P/NTA 30th June 2025) Offer, the same terms as the 26th November NBIO. In addition to the vote, the transaction required FIRB and OIO approvals.

The Scheme Booklet is now out, with a Scheme Meeting on the 15th April, and expected implementation on the 8th May 2026. The IE (Kroll) says "fair &amp; reasonable".


National Storage REIT (NSR AU): 15th April Vote On Brookfield/GIC's A$2.86/Share Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> IE considers Brookfield and GIC’s scheme offer at A$2.80 to be fair and reasonable, as it falls within its valuation of A$2.72 to A$2.86.</li>
<li>The key scheme conditions are shareholder, FIRB and OIO approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.</li>
<li>The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.</li>
</ul>


The National Storage REIT (NSR AU) IE considers Brookfield and GIC’s scheme offer at A$2.80 to be fair and reasonable, as it falls within its valuation of A$2.72 to A$2.86.
The key scheme conditions are shareholder, FIRB and OIO approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.
The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.


National Storage REIT (NSR AU): Scheme Vote on 15 April

<ul>
<li>Brookfield and GIC took a peek behind the curtains and firmed terms for <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>. Clean deal.</li>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.</li>
<li>Further inquiries suggest CDH likely controls ~18% of <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>. This should not be up for debate. </li>
</ul>


Brookfield and GIC took a peek behind the curtains and firmed terms for National Storage REIT (NSR AU). Clean deal.

Raksul Inc (4384 JP) will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.
Further inquiries suggest CDH likely controls ~18% of ANE Cayman Inc (9956 HK). This should not be up for debate. 


Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> has entered a SID with Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.</li>
<li>The scheme offer is conditional on shareholder and FIRB, NZ OIO and foreign competition (EU, Ukraine, Turkey, China, Korea) approvals.</li>
<li>Regulatory approvals should be forthcoming. The scheme vote is low risk as the offer represents an all-time high and implies a P/NTA of 1.11x. </li>
</ul>



National Storage REIT (NSR AU) has entered a SID with Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The scheme offer is conditional on shareholder and FIRB, NZ OIO and foreign competition (EU, Ukraine, Turkey, China, Korea) approvals.
Regulatory approvals should be forthcoming. The scheme vote is low risk as the offer represents an all-time high and implies a P/NTA of 1.11x. 


National Storage REIT (NSR AU): Brookfield and GIC’s Binding Proposal at A$2.86

<ul>
<li>After <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> entered a trading halt on the 26th Nov, it subsequently <a href="https://announcements.asx.com.au/asxpdf/20251208/pdf/06t1s3h18mpq02.pdf" target="_blank" rel="noopener">announced</a> a NBIO from Brookfield and Singapore's GIC. </li>
<li>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).</li>
<li>This morning, NSR announced it has <a href="https://announcements.asx.com.au/asxpdf/20251126/pdf/06sjvswlkfm83c.pdf" target="_blank" rel="noopener">entered into a Scheme</a> on the same terms. Implementation expected late April 2026. FIRB and NZ's OIO approvals required, in addition to the vote. </li>
</ul>


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. 


National Storage REIT (NSR AU): Brookfield/GIC Firm A$2.86/Share Offer

Australia

National Storage REIT is a Real Estate Investment Trust.  The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania.

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National Storage REIT (NSR AU)