Brookfield Asset Management(BAM) and Singapore’s GIC(GIC) have finalised a binding agreement to acquire National Storage REIT(NSR), valuing the Sydney-listed company at approximately AUD4bn ($2.7bn), The Edge Singapore reports.

Under the terms announced on December 8, the bidders will pay AUD2.86 per share in cash, representing a 26% premium to the firm’s share price before news of the negotiations emerged last month. NSR’s board has unanimously urged shareholders to approve the takeover.

Founded in 1995 with a single site in Oxley, Queensland, National Storage has expanded to more than 270 facilities across Australia and New Zealand, making it the region’s largest self-storage operator. The acquisition is expected to inject momentum into Australia’s subdued M&A landscape this year.

Pending regulatory clearance and other standard conditions, the transaction is scheduled to close in the second quarter of 2026.

In a joint statement, Brookfield and GIC noted their “extensive experience in the storage sector in Australia and worldwide”. They expressed readiness to work with the REIT’s board to complete the deal.

Australia’s broader M&A scene has seen several stalled attempts this year. Earlier in December, EQT and CVC Asia Pacific ended discussions with AUB Group over a potential AUD5.2bn buyout. In November, BHP withdrew from its renewed bid for Anglo American.

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