Brookfield-led Consortium Offers A$4.02 Billion to Take Private Australia’s National Storage REIT
Bid from Brookfield together with Singapore’s GIC could become the largest real-estate privatisation deal in Australian history
Australia’s largest self-storage real-estate investment trust has received a landmark takeover offer.
On Wednesday, National Storage REIT confirmed it has accepted an A$4.02 billion bid from a consortium led by Brookfield and GIC.
The offer values each share at A$2.86 — about a 26.5 percent premium to the company’s recent share price.
If completed, the deal would rank as Australia’s biggest-ever take-private transaction in the real estate sector, surpassing the A$1.27 billion acquisition of another property group back in 2019.
The bid comes from a group combining Brookfield, a global real-estate investor with prior major Australian transactions, and Singapore’s sovereign-wealth fund GIC — a partner that already holds a 75 percent stake in a ventures fund operated jointly with National Storage to expand self-storage assets nationwide.
Trading in National Storage shares was suspended ahead of the formal announcement; when trading resumed, the stock surged nearly 20 percent in after-hours trading.
The trust has granted the consortium exclusive due diligence rights until 7 December to finalise a comprehensive offer.
National Storage operates more than 270 self-storage centres across Australia and New Zealand, serving approximately 94,500 residential and commercial clients.
Analysts describe the storage sector as “deeply non-cyclical,” driven more by life events like moving or downsizing than by broader economic cycles — making it an attractive target for long-term investors.
The takeover interest also reflects a broader trend in the Australian market, where high-quality companies with stable cash flows have often traded below intrinsic value, prompting global capital to deploy buyout offers.
With this bid, Brookfield and GIC signal confidence in the fundamentals of the storage sector and in the resilience of demand amid ongoing real-estate and economic fluctuations.
Should the transaction succeed, it will likely reshape the landscape of self-storage in Australia and New Zealand — consolidating under a major global investor while offering liquidity and a premium return to existing shareholders.
On Wednesday, National Storage REIT confirmed it has accepted an A$4.02 billion bid from a consortium led by Brookfield and GIC.
The offer values each share at A$2.86 — about a 26.5 percent premium to the company’s recent share price.
If completed, the deal would rank as Australia’s biggest-ever take-private transaction in the real estate sector, surpassing the A$1.27 billion acquisition of another property group back in 2019.
The bid comes from a group combining Brookfield, a global real-estate investor with prior major Australian transactions, and Singapore’s sovereign-wealth fund GIC — a partner that already holds a 75 percent stake in a ventures fund operated jointly with National Storage to expand self-storage assets nationwide.
Trading in National Storage shares was suspended ahead of the formal announcement; when trading resumed, the stock surged nearly 20 percent in after-hours trading.
The trust has granted the consortium exclusive due diligence rights until 7 December to finalise a comprehensive offer.
National Storage operates more than 270 self-storage centres across Australia and New Zealand, serving approximately 94,500 residential and commercial clients.
Analysts describe the storage sector as “deeply non-cyclical,” driven more by life events like moving or downsizing than by broader economic cycles — making it an attractive target for long-term investors.
The takeover interest also reflects a broader trend in the Australian market, where high-quality companies with stable cash flows have often traded below intrinsic value, prompting global capital to deploy buyout offers.
With this bid, Brookfield and GIC signal confidence in the fundamentals of the storage sector and in the resilience of demand amid ongoing real-estate and economic fluctuations.
Should the transaction succeed, it will likely reshape the landscape of self-storage in Australia and New Zealand — consolidating under a major global investor while offering liquidity and a premium return to existing shareholders.
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