The consortium will pay A$2.86 a share, representing a 26.5% premium to National Storage's 25 November closing price. The bidders completed due diligence and signed a binding deed on Monday, sending the target's shares to an all-time high of A$2.810 and making it one of the top performers on the ASX 200, despite the broader index slipping 0.3%. Analysts noted that while the bid premium falls below the historic average for AREIT control transactions, the valuation is supported by the transaction's scale, the consortium's long-standing relationship with the company, and limited competitive tension in the market. National Storage, founded in 1995, operates more than 270 self-storage centres across Australia and New Zealand. It has drawn periodic takeover interest, including approaches from Warburg Pincus and Public Storage in 2020 that failed to advance. Earlier this year, a rival consortium led by Nathan Kirsh and Public Storage tabled an A$2.17bn bid for Abacus Storage King, but that...
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