GIC, Brookfield agree to $3.4 billion purchase of Australia’s National Storage
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GIC and Brookfield Asset Management's deal could help revitalise dealmaking in Australia, which has been relatively sluggish this year.
PHOTO: GIC
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SYDNEY – Singapore’s GIC and Brookfield Asset Management agreed to a binding deal with National Storage REIT 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 Dec 8 – around a 26 per cent premium to where the stock was trading before the deal was first flagged in November. The National Storage board unanimously recommended shareholders vote in favour of the deal.
The deal drove National Storage’s shares up 2.9 per cent to A$2.81, their highest on record, in morning trading on Dec 8.
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 in 2025.
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.
The buyout marks the biggest take-private deal of an Australian real estate firm, topping Brookfield’s A$1.27 billion purchase of Aveo Group in 2019.
It could help revitalise dealmaking in Australia, which has been relatively sluggish in 2025.
Elsewhere in Australia, other notable deals have not been successful in 2025. EQT AB and CVC Asia Pacific scrapped talks earlier in December with AUB Group about a possible takeover that had valued the Australian insurance broker at around A$5.2 billion. In November, BHP Group walked away from a fresh offer to buy Anglo American. BLOOMBERG
