Brookfield-GIC complete A$6.7 bil acquisition of National Storage REIT facilities in Australia, New Zealand

Global investment firms Brookfield Corporation and GIC have completed their acquisition of National Storage REIT (NSR), the largest owner and operator of self-storage facilities in Australia and New Zealand. (Photo: Brookfield)
Global investment firms Brookfield Corporation and GIC have completed their acquisition of National Storage REIT (NSR), the largest owner and operator of self-storage facilities in Australia and New Zealand. (Photo: Brookfield)
Global investment firms Brookfield Corporation and GIC have completed their acquisition of National Storage REIT (NSR), the largest owner and operator of self-storage facilities in Australia and New Zealand.
NSR securityholders received an all-cash consideration of A$2.86 per security, implying an enterprise value of about A$6.7 billion. The transaction marks the largest-ever privatisation of an ASX-listed real estate investment trust.
NSR’s portfolio comprises more than 300 self-storage centres across Australia and New Zealand, serving over 100,000 residential and commercial customers. The portfolio represents a market-leading platform supported by strong long-term growth fundamentals.
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“National Storage is a high-quality, scaled platform operating in a sector supported by compelling structural tailwinds,” says Lowell Baron, CEO of Brookfield Real Estate. “We bring deep global experience to support the platform’s continued growth.”
The acquisition will further strengthen Brookfield’s real estate business in Australia and New Zealand.
GIC has been investing in Australia’s self-storage sector for several years, having identified it as a resilient asset class, says Goh Chin Kiong, GIC's chief investment officer for real estate.
Brookfield and GIC both bring extensive global experience in the self-storage sector, while GIC has previously partnered with NSR in Australia, say the announcement.
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