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Australia’s National Storage REIT (NSR), the country’s largest self-storage provider, has agreed to a landmark A$4 billion takeover offer from a consortium backed by Brookfield Asset Management and Singapore’s GIC. The binding deal, announced Monday, followed a late-November disclosure that NSR had received a non-binding proposal offering A$2.86 per share—representing a 26.5% premium to its November 25 closing price. After completing due diligence, both parties finalized a binding deed, sending NSR’s stock to a record A$2.810 and making it one of the strongest performers on the ASX 200, even as the benchmark slipped 0.3%.
Analysts note that although the offer sits below the average 18% control premium historically paid for AREIT transactions from 2015 to 2025, the price remains reasonable given the scale of the transaction, NSR’s prior relationship with bidders, and limited competitive pressure. The buyout marks the largest take-private deal ever for an Australian real estate company, surpassing Brookfield’s A$1.27 billion acquisition of Aveo Group in 2019. Industry experts suggest future M&A activity in Australia may shift toward the retail property sector, which has seen renewed investor appetite.
Founded in 1995, National Storage serves residential and commercial customers across more than 270 locations in Australia and New Zealand. The company previously attracted interest from Warburg Pincus and U.S.-based Public Storage in 2020, though no transaction proceeded. Earlier this year, Public Storage and South African billionaire Nathan Kirsh led an unsuccessful A$2.17 billion bid for competitor Abacus Storage King.
The NSR acquisition stands out amid a subdued Australian M&A environment, where major proposals such as BHP’s bid for Anglo American have fallen through and talks between EQT AB, CVC Asia Pacific, and AUB Group recently collapsed. NSR’s board unanimously supports the deal, contingent on no superior offer emerging and approval from an independent expert. If approved, completion is expected in the second quarter of 2026.
