Brookfield and GIC have closes of their acquisition of National Storage REIT (NSR), Australia and New Zealand’s largest owner and operator of self-storage facilities.
NSR securityholders received an all-cash consideration of A$2.86 (US$2.04) per security, implying an enterprise value of approximately A$6.7 billion (US$4.8 billion). The transaction is the largest-ever take-private of an ASX-listed REIT.
NSR’s portfolio comprises more than 300 self-storage centres across Australia and New Zealand, serving more than 100,000 residential and commercial customers, and represents a market-leading platform with strong long-term growth fundamentals.
“GIC is pleased to deepen our existing partnership with NSR, an established and fully integrated owner-operator of self-storage centres with strong growth potential,” says Goh Chin Kiong, CIO, real estate, at GIC.“We have been investing in Australia’s self-storage sector for a few years, having identified it as a
