A consortium led by Brookfield and Singapore’s GIC has made a A$4.02bn ($2.61bn) offer to acquire National Storage REIT, marking what would be Australia’s biggest real estate take-private if completed, according to Reuters.

The bid values National Storage at A$2.86 per share, representing a 26.5% premium to the prior closing price. Shares were halted ahead of the announcement and later finished 19.5% higher at A$2.70.

National Storage has granted the consortium exclusive due diligence until 7 December. The move underscores rising private capital interest in Australia’s storage market, which has seen sustained, non-cyclical demand driven by life changes such as moving, downsizing, and relationship shifts.

“This bid is a massive vote of confidence in the Australian sector and a clever move from Brookfield,” said David Tuckwell, chief investment officer at ETF Shares. “Demand for NSR is deeply non-cyclical.”

Founded in 1995, National Storage operates more than 270 locations across Australia and New Zealand, serving about 94,500 customers. It has long been viewed as a strategic asset in a consolidating market. The company attracted interest from Warburg Pincus and Public Storage in 2020, and from a consortium led by Nathan Kirsh for Abacus Storage King earlier this year, though no deals materialised.

National Storage also owns around 10% of Abacus, a stake analysts view as valuable in shaping future consolidation. Tuckwell said the stake gives Brookfield “a strategic foothold” that could prevent rival global players from easily entering the market.

If completed, the transaction would eclipse Brookfield’s previous Australian real estate buyout, the A$1.27bn acquisition of Aveo Group in 2019.

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