Shares of property trust National Storage REIT (ASX: NSR) were trading 1.8% higher by 2:25 pm AEDT (3:25 am GMT), touching fresh record high valuations as the market cheered news that it had entered into a Scheme Implementation Deed from a Canadian-led consortium.
The new Scheme Implementation is between National Storage, Iridium SP BidCo and ITG Australia, owned by Canadian asset manager Brookfield and GIC.
It was announced in a statement to the ASX, with the consortium bidding $2.86 per security for National Storage.
This marked a 26.5% premium to National Storage's price and an 11% premium to its net tangible asset value.
“The NSR Board believes the Transaction provides attractive value and certainty for NSR securityholders with an all-cash offer at a significant premium to the undisturbed trading price. The offer from the Consortium follows a number of earlier offers and a period of negotiation,” said NSR Chair Anthony Kea
“Accordingly, the NSR Board is unanimous in its recommendation that the Transaction represents a compelling outcome for NSR securityholders.”
NSR appears to be in a strong bullish trend, confirmed by multiple indicators.
Specifically, a 5-day moving average of the stock price is above the 20 and 50-day moving averages.
Additionally, a long-term bullish signal is offered by the 200-day moving average, which is trending higher.
Consensus is Moderate Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
