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National Storage REIT (ASX: NSR) has confirmed it has received a takeover offer from private equity fund manager Gaw Capital Partners (GCP) in a response to media speculation this morning.
The confidential non-binding indicative proposal from GCP would see the Hong Kong-based firm acquire 100 per cent of NSR's issued shares.
The storage company says discussions are in a preliminary stage and has not disclosed how much the private equity fund manager intends to offer for the company's shares.
"Discussions are at this stage preliminary and subject to a number of conditions and there is no certainty that the discussions will lead to a final recommended offer," says NSR.
"The Board advises NSR securityholders to take no action at this time in respect of their securityholdings in NSR."
During FY19 NSR recorded profit after tax of $144.8 million, and underlying earnings rose by 21 per cent to $62.4 million.
Occupancy growth of one per cent was achieved in Australia and New Zealand, with approximately 60 per cent of the company's centres now trading consistently at or over 80 per cent.
In the pipeline is a joint venture for the New Zealand market and 13 new development projects currently underway.
Gaw Capital Partners was founded in 2005 by Goodwin Gaw and Kenneth Gaw, two experienced real estate investment managers.
The compant was initially founded tas a real estate private equity firm to focus on the Greater China market, finding success off the Gaw brothers' experience in North American real esate asset management.
The company now has a real estate portfolio encompassing over 100 different properties located in Hong Kong, the United States of America, England, Australia, China and other major commercial hubs around the globe.
GCP describes itself as specialising in adding strategic value to under-utilised real estate through redesign and re-positioning.
The firm also manages value-add funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund and provides services for separate account direct investments globally.
The company has raised equity of USD$16.5 billion since 2005 and has USD$23 billion in assets under management as of Q2 2019.
Shares in NSR are up 6.31 per cent to $2.19 per share at 12.07pm AEDT.
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