Warburg Pincus, a private equity firm, offered to acquire National Storage REIT, a self-storage provider, for $1.2bn. Previously, National Storage REIT received a confidential non-binding indicative proposal from Gaw Capital Partners to acquire 100% of the issued stapled securities of NSR on 23 January 2020. 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.Public Storage emerged as the likely buyer of National Storage REIT with its $1.25bn offer after two rivals dropped out of the race.