Morningstar lifts Aussie NSR’s fair value after Brookfield-GIC box up $2.65 bln swoop

National Storage REIT

08/12/2025 18:57

** Morningstar nudges National Storage REIT’s NSR.AX fair value estimate 2% higher to A$2.86 per security, banking on the certainty of Brookfield-GIC takeover going through

** Trust said Monday it accepted an A$4 billion ($2.65 billion) takeover bid from a consortium backed by Brookfield BAM.N and Singapore's GIC

** Investment research firm deems offer price as "reasonable", noting the 10% premium to its stand-alone fair value of A$2.60 per security

** Adds, the 11% premium to June 30 net tangible assets tops what peer Abacus Storage King ASK.AX secured earlier this year

** Deal still hinges on conditions, including regulatory approvals, while potential rival bids add upside risk

** NSR has climbed 19.2% this year after Monday’s A$2.79 close, but remains shy of the A$2.86 cash offer price

($1 = 1.5101 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))