Australia’s National Storage REIT says Warburg Pincus made $1.2b bid

National Storage REIT revealed on Tuesday New York-based private equity firm Warburg Pincus as the third suitor in the race to buy Australia’s largest self-storage operator, offering A$1.73 billion ($1.16 billion).

The A$2.20 per share, non-binding, indicative proposal from Warburg Pincus competes with China’s Gaw Capital Partners’ similar offer and New York-listed Public Storage’s A$2.40 per share bid.

The National Storage board has decided to provide Warburg Pincus with access to non-exclusive due diligence and both the parties have entered into a confidentiality agreement for accessing material non-public information concerning the target.

National Storage said that the Warburg Pincus offer, disclosed only on Tuesday, came prior to Public Storage’s proposal announced on Feb. 14, while the approach from Gaw Capital was announced last month.

National Storage had entered into a confidentiality agreement with Gaw Capital and Public Storage as the suitors conduct non-exclusive due diligence including review of confidential information provided by National Storage.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.