Brookfield Asset Management and Singapore’s GIC have struck an A$4bn ($2.65bn) agreement to acquire National Storage REIT, securing the largest take-private of an Australian real estate company on record, Reuters reports.

The consortium will pay A$2.86 a share, representing a 26.5% premium to National Storage’s 25 November closing price. The bidders completed due diligence and signed a binding deed on Monday, sending the target’s shares to an all-time high of A$2.810 and making it one of the top performers on the ASX 200, despite the broader index slipping 0.3%.

Analysts noted that while the bid premium falls below the historic average for AREIT control transactions, the valuation is supported by the transaction’s scale, the consortium’s long-standing relationship with the company, and limited competitive tension in the market.

National Storage, founded in 1995, operates more than 270 self-storage centres across Australia and New Zealand. It has drawn periodic takeover interest, including approaches from Warburg Pincus and Public Storage in 2020 that failed to advance. Earlier this year, a rival consortium led by Nathan Kirsh and Public Storage tabled an A$2.17bn bid for Abacus Storage King, but that process also stalled.

The Brookfield–GIC acquisition stands out in an otherwise muted year for Australian M&A, following the collapse of high-profile proposals such as BHP’s bid for Anglo American and the abandoned A$5.2bn talks between EQT, CVC Asia Pacific, and AUB Group.

National Storage’s board unanimously recommended the deal, subject to no superior offer emerging and an independent expert declaring the bid in the best interests of security holders. Completion is expected in the second quarter of 2026.

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