NATIONAL STORAGE acquired by BROOKFIELD / GIC

On 8 May 2026, an institutional consortium led by Brookfield and GIC completed the take-private acquisition of National Storage REIT (ASX: NSR), securing 100% private ownership of Australasia’s largest self-storage owner-operator. Under the terms of the scheme of arrangement, securityholders received an all-cash consideration of A$2.86 per stapled security. The target generated in revenue and in EBITDA over the trailing twelve months, reflecting a defensive, high-margin model underpinned by long-term demographic tailwinds. Brookfield funded its equity contribution through its flagship opportunistic real estate strategy, partnering alongside sovereign wealth fund GIC to build on an existing joint-venture relationship with the platform. Debt financing for the transaction was provided via a A$2.77 billion senior syndicated credit facility structured across three- and five-year tranches, underwritten by DBS Bank, National Australia Bank, and United Overseas Bank. Transaction close triggered change-of-control provisions on National Storage’s A$300 million guaranteed exchangeable notes due 2029, offering noteholders a conversion or cash redemption election evaluated by an independent financial adviser.The acquisition received formal foreign investment clearances from Australia’s FIRB and New Zealand’s OIO, alongside final scheme approval from the Supreme Court of New South Wales following securityholder approval in April 2026. Under private ownership, Brookfield and GIC intend to accelerate the group’s development pipeline, fund greenfield developments, and optimize operational efficiencies across its 300+ centres (>1.6 million m² of NLA) without the quarterly reporting and distribution constraints of public equity markets.National Storage REIT was advised by financial advisers Citi and J.P. Morgan, with Clayton Utz acting as legal counsel. Brookfield and GIC were advised by financial advisers Deutsche Bank and Jefferies, with legal counsel provided by Ashurst alongside Herbert Smith Freehills Kramer.