Morningstar backs Brookfield-GIC takeover of National Storage REIT

National Storage REIT

10/03/2026 18:38

** Analysts at Morningstar say security holders at Australia's National Storage REIT NSR.AX should vote in favour of the $2.65 billion Brookfield Asset Management BAM.N and Singapore's GIC takeover

** Bid totals A$2.86 per security, made up of A$2.80 cash plus 6 Au cents in distributions already paid on Feb 20

** Morningstar says the price sits at a fair premium to its standalone valuation of A$2.60 and the firm's A$2.61 NTA as of December 31

** Brokerage say stock had traded below tangible asset backing for extended period before offer emerged late in November 2025

** Morningstar maintains a fair value estimate of A$2.86, reflecting its view that the deal is almost certain to proceed

** All 6 analysts rate the stock "hold"; their median PT is A$2.82, according to data compiled by LSEG

** Stock has risen 1.1% this year, as of last close

 (Reporting by Roshan Thomas in Bengaluru)

 ((Roshan.Thomas@thomsonreuters.com;))