Brookfield-GIC A$4.02bn bid to take National Storage private deal

Brookfield Asset Management together with the Government of Singapore Investment Corporation (GIC) has tabled a A$4.02bn offer to acquire National Storage REIT, a move that would rank among the largest Australian real estate take-privates if it completes. The proposal values the REIT at A$2.86 per share, a premium of roughly 26.5% to the prior close.

Trading in National Storage was suspended ahead of the bid announcement. Shares later closed up, finishing about 19.5% higher at A$2.70, a signal the market viewed the approach as credible. The listed owner of self-storage assets has given the consortium an exclusive window to conduct due diligence through 7 December.

National Storage, established in 1995, operates more than 270 locations across Australia and New Zealand and serves roughly 94,500 customers. The portfolio — a mix of urban and suburban assets — sits in a sector that investors describe as defensive and structurally resilient, supported by life events such as moving, downsizing and changing household composition that keep occupancy demand relatively steady.

Private capital has shown growing appetite for self-storage globally, driven by attractive cashflows, high occupancy and the potential for operational tightening and roll-up strategies. Industry data commonly show occupancy levels for well-located assets running comfortably above the mid‑60s to high‑80s percentile range, and investors value the sector for its predictable, non‑cyclical cash generation compared with other property types.

Analysts note the strategic value of National Storage’s roughly 10% stake in Abacus, a position that could give the buyer leverage in a consolidating local market and make it harder for rival global entrants to scale quickly. The REIT has attracted suitors before — including interest from Warburg Pincus and Public Storage in 2020, and a separate approach involving Nathan Kirsh earlier this year — underlining the asset class’s long‑standing appeal.

For Brookfield Asset Management, the transaction would significantly exceed its prior Australian real estate buyout, the A$1.27bn acquisition of Aveo Group in 2019, demonstrating the firm’s continued appetite for large, operationally intensive real estate platforms in the region. For the market, such a takeover would set a fresh valuation reference for listed self‑storage names and could accelerate consolidation as private owners seek scale and operational efficiencies.