GIC, Brookfield To Buy National Storage REIT

Singapore’s GIC and Australia’s Brookfield Asset Management have agreed on a binding deal with National Storage Reit (NSR), the largest self-storage provider in Australia with a portfolio of more than 270 self-storage facilities in Australia and New Zealand, to buy the real estate investment trust for about A$4 billion (approximately USD$2.6 billion). 

The two parties will pay A$2.86 per stapled security in cash, according to the statement NSR made on Mon. Dec. 8 on the Australian Stock Exchange. This is on the basis that a dividend or distribution of A$0.06 per unit for the financial half year ending Dec. 31 is payable. The deal implies an equity value of about A$4 billion and an enterprise value of A$6.7 billion.

NSR’s entire board recommended that shareholders vote in favor of the deal. 

The acquisition will be executed via a scheme of arrangement and trust scheme with NSR security holders receiving total cash of A$2.86 per stapled unit. It expects the deal to be completed in the second quarter of 2026, subject to regulatory approvals and other conditions.

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Brookfield and Singapore’s GIC have put forward a $4 billion cash proposal for National Storage REIT. The Australian Financial Review reports that the offer could reach a valuation of roughly $6.8 billion once debt and development commitments are counted, setting the stage for what would be the largest real-estate take-private ever attempted in Australia.

The $2.86-per-security offer lands more than 26 percent above National Storage’s last trading price before its halt and sits about 11 percent higher than its net tangible asset backing.

National Storage said it has granted the Brookfield–GIC consortium exclusive due-diligence access through December 7, following earlier behind-the-scenes proposals and limited information exchanges.

The bid adds fresh momentum to institutional interest in the sector, coming on the heels of the unsuccessful $2.2 billion play for Abacus Storage King earlier this year.

National Storage founder Andrew Catsoulis steered the company onto the ASX more than a decade ago. Since listing, Catsoulis has overseen the platform’s expansion to more than 280 facilities across Australia and New Zealand, with over 50 additional projects planned and earnings projected to rise from $164 million to above $173 million this year.