Brookfield Asset Management and Singapore sovereign-wealth fund GIC have agreed to acquire Australia’s National Storage REIT for US$2.7 billion in cash, the parties announced Monday.

NSR is the largest self-storage provider in Australia and also holds assets in New Zealand, serving about 100,000 residential and commercial customers.

“The NSR board believes that the consortium’s offer appropriately reflects the high quality, growth profile, scarcity and strategic scale of NSR’s asset portfolio and self-storage management platform as the leading owner operator of self-storage in Australia and New Zealand,” said Anthony Keane, the REIT’s chair, referring to Brookfield Asset Management and GIC.

“This proposal is an endorsement of the strong fundamentals and long-term growth strategy of NSR, which has evolved from a single storage centre originally developed at Oxley Queensland in 1995 to Australia and New Zealand’s leading owner and operator of self-storage centres with over 290 centres today providing over 1.6 million square metres of state of the art storage space for its customers. We are confident this position will be further strengthened with the Consortium’s support.”

The purchase price represents a 26.5% premium on NSR’s June 30 closing price.

Brookfield Asset Management and GIC will fund the investment through third-party debt financing. The proposed deal is not subject to any type of financing condition.

“The consortium is pleased to present NSR securityholders with this compelling offer for their stapled securities,” said Brookfield Asset Management and GIC. “The offer rewards NSR securityholders’ investment with a significant certain cash premium to NSR’s [net tangible assets] as well as current and all-time historic trading levels. Brookfield and GIC both have extensive experience in the storage asset class in Australia and globally and we look forward to working with the NSR Board to complete the transaction.”

The deal is expected to close in the second quarter of 2026 following an NSR unitholder vote in April and the satisfaction of other customary closing conditions.

Photo: National Storage REIT