Nuveen Asset Management Europe S.à r.l. made an offer to acquire 24Storage AB (publ) (OM:24STOR) from a group of shareholders for approximately SEK 930 million on November 8, 2021. As per terms of transaction, Nuveen Asset Management Europe will pay SEK 62 for each share of 24Storage AB (publ). As of November 29, 2021, Nuveen Asset Management Europe has increased its offer to SEK 76 per share and entered into unconditional agreements regarding purchase of 92.38% of the shares in 24Storage. As of November 22, 2021, Shurgard Self Storage S.A., through Shurgard Sweden AB (“Shurgard”) announced a competing public offer of SEK 72 in cash per share to the shareholders of 24Storage. Nuveen Asset Management Europe does not currently foresee any material changes to 24Storage's operations including operational sites, its management or employees. The Offer is fully financed by cash available from TIAA's own funds and is not dependent on external financing. Nuveen Asset Management Europe received irrevocable undertakings to accept the offer from shareholders representing in total 12.95 million shares, which corresponds to approximately 86.78% of the shares and votes in 24Storage. The transaction is subject to all necessary clearances, approvals, decisions and other actions from authorities or similar, including approvals from competition authorities, being obtained and offer being accepted to such extent that Nuveen Asset Management Europe becomes the owner of shares representing more than 90% of the total number of outstanding shares in 24Storage.

A bid committee consisting of the two remaining board members Jan-Olof Backman and Maria Åkrans has been formed. The bid committee unanimously recommends the shareholders of 24Storage to accept the Offer. The bid committee recommends the shareholders to accept the offer of SEK 72 per share from Shurgard. Accordingly, the bid committee no longer recommends the shareholders to accept the previous offer of SEK 62 per share from T-C Storage. Among the shareholders that have entered into agreements with Offeror to sell their shares are the members of the bid committee, Jan-Olof Backman and Maria Åkrans, who now have a conflict of interest. Accordingly, the bid committee will not issue a new recommendation regarding the bid situation. The other board members already had a conflict of interest. Nuveen Asset Management Europe intends to commence compulsory redemption proceedings under the Swedish Companies Act (Sw. aktiebolagslagen (2005:551) to acquire all remaining shares in 24Storage and to promote delisting of 24Storage's shares from Nasdaq First North Growth Market. The increased price is higher than Shurgard's offer (SEK 72 per share). Therefore, the bid committee's recommendation regarding Shurgard's offer no longer applies.

Tender offer will commence on November 10, 2021 and will end on December 1, 2021. As of November 29, 2021, Nuveen Asset Management Europe has extended the acceptance period to December 13, 2021. Lazard Ltd (NYSE:LAZ) acted as financial advisor and Erik Sjöman of Advokatfirman Vinge KB acted as legal advisor to bid committee of 24Storage AB (publ). Lenner & Partners Corporate Finance AB provided fairness opinion to bid committee of 24Storage AB (publ). Arctic Securities and RSM US LLP acted as financial advisors, Advokatfirman Schjødt acted as legal advisor and WSP acted as the technical advisors to Teachers Insurance and Annuity Association of America, ultimate parent of Nuveen Asset Management Europe.

Nuveen Asset Management Europe S.à r.l. completed the acquisition of 24Storage AB (publ) (OM:24STOR) from a group of shareholders on December 13, 2021.