The National Storage (ASX:NSR) share price is in focus after the business announced that it has signed a binding takeover with Brookfield and GIC.
National Storage is the largest self-storage provider in Australia and New Zealand, with close to 300 locations and more than 100,000 residential and commercial customers.
Takeover agreed
The storage unit provider announced that each securityholder will receive $2.86 cash per National Storage unit, with the understanding that a $0.06 per unit distribution will be paid for the half-year to 31 December 2025, reducing the cash paid by $0.06 per unit.
The consortium of entities related to Brookfield and GIC have completed their due diligence following the previous non-binding and conditional proposal. National Storage and the bidders have now entered into a binding takeover contract.
This takeover values the equity (units) of National Storage at $4 billion and the enterprise value of $6.7 billion (including the cash and debt on the balance sheet).
This takeover price represents a 26.5% premium to National Storage’s undisturbed closed security/unit price of $2.26 on 25 November 2025, which is the last trading day prior to announcing it had received a non-binding offer from the consortium.
The takeover offer price represents a 10.9% premium to National Storage’s net tangible assets (NTA) of $2.58 per unit, as of 30 June 2025. That NTA figure largely came from external third-party valuers for National Storage’s entire asset portfolio.
National Storage believes the premium represents “significant value ascribed to National Storage’s management platform together with a portfolio premium attributable to the largest self-storage portfolio spending Australia and New Zealand.”
The National Storage board has unanimously recommended that investors vote in favour of the transaction. However, there are still a few usual conditions the takeover must still go through, such as approval by regulators and investors, before it can be finalised.
Leadership comments
The National Storage managing director Andrew Catsoulis said:
This proposal is an endorsement of the strong fundamentals and long-term growth strategy of NSR, which has evolved from a single storage centre originally developed at Oxley Queensland in 1995 to Australia and New Zealand’s leading owner and operator of self-storage centres with over 290 centres today providing over 1.6 million square metres of state of the art storage space for its customers.
We are confident this position will be further strengthened with the Consortium’s support.
Our focus remains on delivering best in class self-storage solutions for our customers across all the markets in which we operate.
Final thoughts on the National Storage share price
This seems like a solid offer for investors, though it may have been useful to know what the NTA at 31 December 2025 would have been following multiple RBA cash rate reductions this year. It is a curious move to pay 10% more than the NTA by the acquirer.
It’ll be a shame to lose this business from the ASX, as it was a good way to invest in the value of Australia’s metropolitan land. There are other ways on the ASX to invest in storage units. There also other ASX dividend shares that look more appealing at the current valuation.
