GIC, Brookfield agree to S$3.4b deal for Sydney-listed National Storage
Singapore sovereign fund and the global alternative asset manager will pay A$2.86 per share in cash
[SYDNEY] 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 (S$2.46) per stapled security in cash, according to an NSR statement on Monday (Dec 8) on the Australian Stock Exchange.
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 securityholders receiving total cash of A$2.86 per stapled unit. If a distribution of A$0.06 cents for the financial half year ending Dec 31 is payable, the purchase price will be reduced by A$0.06.
The A$2.86 price is a 26.5 per cent premium to the Sydney-listed NSR’s A$2.26 unit price last month, on the last trading day prior to announcement of NSR’s receipt of the non-binding indicative proposal.
The National Storage board “unanimously” recommended shareholders vote in favour of the deal.
NSR currently operates more than 270 self-storage facilities in Australia and New Zealand today 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.
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