Australia's National Storage REIT says Warburg Pincus made $1.2 billion bid

(Reuters) – National Storage REIT (NSR.AX) 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 (PSA.N) 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.

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