GIC, Brookfield agree to S$3.4b deal for Sydney-listed National Storage

[SINGAPORE] Singapore’s GIC and Australia’s Brookfield Asset Management have agreed on a binding deal with National Storage Reit (NSR) to buy the real estate investment trust for about A$4 billion (S$3.4 billion).

The two parties will pay A$2.86 per stapled security in cash, according to an NSR statement on Monday (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 said.

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.

The price of A$2.86 per stapled unit is a 26.5 per cent premium to the Sydney-listed NSR’s A$2.26 per unit price last month, on the last trading day prior to the announcement of NSR’s receipt of the non-binding indicative proposal.

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The Reit’s board “unanimously” recommended shareholders vote in favour of the deal.

NSR currently operates more than 270 self-storage facilities in Australia and New Zealand and is the largest self-storage provider in Australia.

It expects the deal to be completed in the second quarter of 2026, subject to regulatory approvals and other conditions.