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

[SYDNEY] Brookfield Asset Management and Singapore’s GIC agreed to a binding deal with National Storage Reit (NSR) to buy the Sydney-listed firm for around A$4 billion (S$3.4 billion).

The parties will pay A$2.86 per share in cash, according to a statement on Monday (Dec 8), around a 26 per cent premium to where the stock was trading before the deal was first flagged last month. The National Storage board unanimously recommended shareholders vote in favour of the deal.

National Storage has grown from its first storage site in 1995 in Oxley, Queensland, and now operates more than 270 centres across Australia and New Zealand. It’s the largest self-storage provider in Australia. The deal could help revitalise dealmaking in Australia, which has been relatively sluggish this year.

Subject to regulatory approvals and other conditions being met, National Storage said it expects the deal to be completed in the second quarter of 2026.

“Brookfield and GIC both have extensive experience in the storage asset class in Australia and globally and we look forward to working with the NSR board to complete the transaction,” the bidders said.

Elsewhere in Australia, other notable deals have not been successful this year. EQT and CVC Asia-Pacific scrapped talks earlier this month with AUB Group about a possible takeover that had valued the Australian insurance broker at around A$5.2 billion.

Last month, BHP Group walked away from a fresh offer to buy Anglo American. BLOOMBERG