National Storage REIT has agreed to a A$4 billion (US$2.65 billion) takeover from a Brookfield- and GIC-backed consortium, sending its shares to a record high. The binding deal follows a late-November non-binding proposal offering A$2.86 per share—a 26.5% premium to its November 25 close—after the bidders completed due diligence. Shares surged to an all-time high of A$2.810 on Monday, outperforming the broader ASX 200. Analysts noted that while the premium is below the historical average for major AREIT transactions, the offer remains reasonable given the size of the deal, the bidders’ existing relationship with the company, and limited competitive pressure.
The transaction becomes Australia’s largest take-private real estate deal, surpassing Brookfield’s 2019 acquisition of Aveo Group. Founded in 1995, National Storage operates more than 270 facilities across Australia and New Zealand and has drawn prior interest from Warburg Pincus and Public Storage. The acquisition lands amid a subdued year for Australian M&A, marked by several abandoned proposals including BHP’s pursuit of Anglo American and the halted AUB Group talks with EQT and CVC. National Storage’s board has unanimously endorsed the offer pending an independent expert review, with completion targeted for Q2 2026.
Source: msn
