Hong Kong’s Gaw Capital is in talks to buy Australia’s largest storage trust, National Storage REIT, valued at A$1.73bn (€1.07bn).

Gaw Capital – which recently raised almost US$3bn (€2.3bn) for its latest pan-Asian vehicle – has offered to buy the listed firm’s issued stapled securities.

The board of National Storage REIT confirmed that it had begun discussions with Gaw Capital on the non-binding indicative bid.

“Discussions are at this stage preliminary, and subject to a number of conditions, and there is no certainty that (they) will lead to a final recommended offer,” it said.

Formed in December 2013, National Storage REIT owns more than 60,000 residential and commercial customers at more than 170 storage centres across Australia and New Zealand.

Last financial year, it raised A$358m to fund its expansion plans, which included the acquisition of a portfolio of 35 centres to give it a wider presence in New Zealand and lift the value of total assets under management to A$1.95bn.

Gaw Capital’s investments in Australia include logistics and student housing.

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