Brookfield Asset Management and Singapore’s sovereign‑wealth fund GIC completed a scheme implementation deed to acquire National Storage REIT, the largest self‑storage operator in Australia and New Zealand. The transaction values the company at roughly A$4 billion, equivalent to about US$2.65 billion, and gives the consortium control of the REIT’s 290 facilities across the region.
The deal was announced on December 8 2025 and offers a purchase price of A$2.86 in cash per stapled security, representing a 26.5 % premium to National Storage’s closing price of A$2.26 on November 25, 2025. The consortium’s ownership of 290 facilities—rather than the previously misstated 1,200—provides a substantial, geographically diversified network that aligns with Brookfield’s strategy of adding low‑risk, inflation‑linked income streams.
Brookfield’s interest in self‑storage stems from the sector’s resilient demand, driven by e‑commerce growth and the ability to raise rents in line with inflation. The acquisition also leverages GIC’s existing joint venture with National Storage, reducing competitive tension and smoothing the path to approval. Together, the partners will generate steady cash flows that fit Brookfield’s long‑duration, low‑risk real‑asset investment model.
Brookfield’s Q3 2025 earnings provide context for the transaction. Distributable earnings rose 18 % year‑over‑year to $1.3 billion, and the company reported a record $178 billion of deployable capital. While earnings per share of $0.63 beat consensus estimates of $0.5891 by $0.04 (a 7 % beat), the company’s revenue guidance remained unchanged, reflecting confidence in its asset‑management strategy and the ability to deploy capital into high‑quality real assets.
National Storage’s share price reacted strongly, climbing to a record high of A$2.81 on the day of the announcement—just shy of the offer price. Analysts noted that the 26.5 % premium, while below historical averages for Australian REIT control transactions, was justified by the transaction’s scale and the lack of serious rival bids, thanks in part to GIC’s pre‑existing partnership.
The transaction is expected to close in the second quarter of 2026, pending shareholder and regulatory approvals. Upon completion, Brookfield and GIC will own a network of 290 self‑storage facilities, adding a low‑risk, inflation‑linked cash‑flow generator to Brookfield’s diversified real‑asset portfolio.
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