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National Storage REIT (ASX:NSR), Australia's largest self-storage owner, was acquired by Brookfield and GIC in a deal some fund managers considered too cheap. In January 2026, Endeavor Asset Management exited after the scheme of arrangement at $2.86 per security, with limited upside remaining. Resolution Capital argued the offer was inadequate, agreeing with the bidders that National Storage is a great real estate platform, while Firetrail described the bid, a 27% premium, as highly credible. National Storage REIT operates in the Real Estate sector within the Equity Real Estate Investment Trusts industry, and Thesis Tracker has captured 8 comments from 5 fund managers, including Endeavor, Resolution Capital, Oracle and Firetrail. Founded in 2013 and headquartered in Brisbane, National Storage owns and operates more than 270 self-storage centres across Australia and New Zealand, serving residential and commercial customers with storage, packaging and moving products.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Ten Cap, Endeavor Asset Management, Firetrail Investments, Resolution Capital and Oracle Advisory Group have invested in National Storage REIT (ASX:NSR).
Fund managers highlight the $4 billion all-cash takeover by Brookfield and GIC at $2.86 per security, a 27% premium, which Firetrail viewed as highly credible and which delivered a successful outcome for holders such as Endeavor.
Resolution Capital believes the offer undervalued National Storage's high-quality platform, and with the takeover complete, holders lose ongoing exposure to the business, as Endeavor noted.
National Storage REIT (NSR) is an Australia-based real estate investment trust headquartered in Brisbane. Founded in 2013, the company provides self-storage solutions for residential and commercial customers. Its service portfolio includes self-storage, business storage, records management, climate-controlled wine storage, and vehicle storage. Additionally, National Storage offers value-added services such as vehicle and trailer hire, packaging supplies, and insurance. The REIT focuses on delivering secure, flexible storage infrastructure to meet diverse consumer and business needs across its operational network.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.