National Storage REIT and its brokers have had no trouble finding takers for Wednesday morning’s $300 placement, flashing a book covered message at floor price just after lunch.
However, investors seem to have stuck to their cautious stance and expected the placement to eventually price near the $2.33 floor.
The self-storage REIT had Citi and JPMorgan launch the placement to stock up on funding for committed acquisitions and development, alongside some debt reduction and the balance sheet strengthening. It was structured as a variable price bookbuild with a $2.33 to $2.41 range, with the brokers calling for bids in 1 cent increments. The bookbuild was expected to close 4:30pm for APAC investors and 11pm for the rest of the world.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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