National Storage REIT (ASX:NSR) said Iridium SP BidCo and ITG Australia TS Sub as trustee for Iridium SP Bid Trust secured approvals from Australia's Foreign Investment Review Board (FIRB) and the New Zealand Overseas Investment Office (OIO) for their proposed acquisition of all of the issued stapled securities of National Storage, according to a Tuesday Australian bourse filing.

The bidders are entities established and jointly indirectly owned by a consortium of funds owned or managed by Brookfield Asset Management or its affiliates and their managed funds, as well as affiliates of GIC. Under the deal, the REIT's shareholders will receive AU$2.86 in cash per stapled security.

The implementation of the schemes of arrangement remains subject to other conditions precedent, including approval by the requisite majorities of National Storage securityholders, as well as court approvals.