Brookfield and Singapore sovereign fund GIC have agreed to buy Australia’s National Storage (NSR) in a deal valuing the ASX-listed REIT at about A$4 billion ($2.6 billion).
NSR is one of the largest self-storage providers in Australia and holds assets in New Zealand, serving approximately100,000 residential and commercial customers.
“This proposal is an endorsement of the strong fundamentals and long-term growth strategy of NSR, which has evolved from a single storage center originally developed at Oxley Queensland in 1995 to Australia and New Zealand’s leading owner and operator of self-storage centers, with more than 290 centers today providing more than 1.6 million square meters [17.2 million square feet] of state-of-the-art storage space for its customers. We are confident this position will be further strengthened with the consortium’s support,” said Anthony Keane, chairman of National Storage REIT.
