Could this Self Storage REIT be back in the sites of suitors – the share price certainly suggests as much?
A little over a year ago, the owner of around 200 storage assets in Australia & New Zealand was the subject of a 3 way takeover tussle, with 2 bidders offering $2.20 per share while a 3rd, the Large US listed Public Storage went in hard at $2.40. The deal looked like getting done however along came COVID and the extreme market volatility saw the bid pulled. Now there’s talk of a revitalised bid and private equity firm Blackstone is also being thrown into the mix.
Abacus (ABP) is also a player in this game, they own Storage King and have made it clear that self-storage is an area of focus for them. They also own 9.9% of NSR, although we doubt they will actually make a full tilt at the company, it’s more an opportunistic position.
MM is bullish NSR as a corporate / situational play around $2.13
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