Global investment firms Brookfield and GIC have completed their acquisition of National Storage REIT, with security holders receiving an all-cash consideration of A$2.86 per unit.
National Storage REIT (NSR) is Australia and New Zealand’s largest owner and operator of self-storage facilities. Brookfield has invested in NSR through its opportunistic flagship real estate strategy.
Touted as the largest-ever take-private of an Australian-listed real estate investment trust, the transaction implies an enterprise value of approximately A$6.7 billion, according to an announcement on Friday.
NSR’s portfolio comprises over 300 self-storage centres across Australia and New Zealand and serves over 100,000 residential and commercial customers.
Brookfield and GIC will work with NSR’s management team to support operational improvements, pursue development opportunities, and expand the platform in a market characterised by low storage penetration and strong population growth.
GIC’s Head of Asia (ex-China), Real Estate, Kishore Gotety stated that GIC identified Australia’s self-storage sector as a resilient market with significant scope for consolidation, adding that they have been investing in the space over the past few years.
The offer price represented a premium of about 26% over the price that NSR units were trading at before the transaction was reported. NSR first listed on the Australian Stock Exchange in 2013.
