Brookfield, GIC bid for National Storage in A$4 billion deal

[LONDON] Brookfield Asset Management and Singapore’s GIC offered to buy Sydney-listed National Storage Reit in a deal valuing the self-storage provider at A$4 billion (S$2.6 billion).

Investors in National Storage will receive A$2.86 for each share, the company said on Wednesday (Nov 26). The shares closed on Tuesday at A$2.26 and were halted for the announcement.

National Storage said that it will let the bidding group carry out exclusive due diligence until Dec 7 in order to generate a binding offer. The company said it aims to strike a deal with the suitors by that date.

National Storage operates more than 270 storage centres across Australia and New Zealand. It’s the largest self-storage provider in Australia.

A deal would help rejuvenate dealmaking in Australia, where activity has stumbled with the collapse of potential blockbuster deals, including BHP Group’s aborted approach for US$43 billion rival Anglo American.

The volume of mergers and acquisitions involving Australian companies as either targets or sellers has fallen to around US$70 billion this year, a 30 per cent decline from the same period in 2024, according to data compiled by Bloomberg.

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GIC, one of the world’s largest sovereign wealth funds, does not publicise its assets under management, but Global SWF estimates the firm manages assets worth US$936 billion. In July, GIC said that real estate valuations were potentially bottoming, presenting attractive investment opportunities. BLOOMBERG