GIC, Singapore’s sovereign wealth fund, and Brookfield Asset Management have agreed to acquire National Storage REIT (NSR) — the largest self-storage provider in Australia with a portfolio of more than 290 self-storage facilities in Australia and New Zealand — for approximately A$4 billion (US$2.6 billion).
Under the terms of the agreement, the Brookfield-GIC consortium will acquire 100 percent of National Storage for A$2.86 (US$1.92) in cash per stapled security, according to a stock filing, reports Mingtiandi, which represents a 26.5 percent premium to National Storage’s closing price of A$2.26 on 25 November 2025, the last trading day before the REIT announced its it had received a non-binding proposal from the consortium.
“The NSR board believes the transaction provides attractive value and certainty for NSR securityholders with an all-cash offer at a significant premium to the undisturbed trading price,” says chairman Anthony Keane. “The off
