Brookfield Asset Management Ltd. and Singapore’s sovereign wealth fund GIC are close to submitting a binding offer for National Storage REIT, the largest self‑storage operator in Australia and New Zealand. The proposed transaction values the Sydney‑listed company at roughly A$4 billion, or about US$2.65 billion, and would give Brookfield a foothold in the growing Australian data‑storage market while complementing its global digital‑infrastructure portfolio.
National Storage REIT’s financial profile supports the valuation. The company’s trailing price‑to‑earnings ratio sits at 135.98, reflecting a premium paid by investors for its dominant market position. However, the forward P/E of 21.97 indicates that earnings growth is expected to accelerate, driven by a steady rise in demand for storage space and recent acquisitions that have expanded the company’s footprint. Net profit margins have slipped slightly from the prior year, a trend that is typical for a company investing heavily in new sites and technology upgrades.
Brookfield’s interest in National Storage REIT aligns with its broader strategy of expanding digital‑infrastructure assets across the Asia‑Pacific region. By acquiring the company’s portfolio of data‑center and storage‑facility assets, Brookfield would strengthen its presence in a fragmented Australian market and gain access to a network of 270 centers that serve both commercial and residential customers. GIC’s participation signals confidence in the long‑term stability of infrastructure assets and provides Brookfield with a local partner that can navigate regulatory and market nuances.
The binding offer is expected to be formally submitted shortly, with a typical closing window of 12 to 18 months for a transaction of this size. While the exact multiples have not been disclosed, the A$4 billion valuation implies an enterprise‑value to EBITDA ratio that is consistent with comparable infrastructure deals in the region. The deal would also allow Brookfield to leverage its global scale to optimize operating efficiencies across the newly acquired sites.
The transaction comes at a time when M&A activity in Australia’s infrastructure sector has slowed, making a deal of this magnitude noteworthy. National Storage REIT’s dominant market position and the strategic fit for Brookfield’s data‑center expansion could set a precedent for future cross‑border infrastructure deals in the region.
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