National Storage REIT founder Andrew Catsoulis has been thrust into the spotlight as Brookfield and Singapore’s GIC table a $4 billion cash bid for the self-storage giant he took public 12 years ago.
According to The Australian Financial Review, the offer – valued at up to $6.8 billion when debt and development commitments are included – would mark the largest real-estate take-private in Australian history if completed.
At $2.86 per security, the bid represents a premium of more than 26 per cent to National Storage’s pre-halt trading price and sits almost 11 per cent above its net tangible asset value.
The company confirmed it has granted the consortium exclusive due diligence until December 7, following earlier confidential approaches and limited information sharing.
The move underscores surging institutional interest in self-storage, coming months after an unsuccessful $2.2 billion offer for rival Abacus Storage King.
Under Catsoulis’ leadership, National Storage has grown to more than 280 facilities across Australia and New Zealand with over 50 new projects planned, alongside an expected rise in earnings from $164 million to more than $173 million this year.
Source: The Australian Financial Review
