National Storage REIT is on the brink of a landmark ownership change after global investors Brookfield and GIC moved their takeover proposal into a binding phase, signalling strong conviction in Australia’s largest self-storage platform. According to the Australian Financial Review, the consortium has now executed a scheme implementation agreement, paving the way for a potential $4 billion transaction.
The offer, priced at $2.86 per share, represents one of the most significant real estate investment trust (REIT) deals in the Australian market this year. On an enterprise value basis, incorporating equity, debt and committed development spending, the proposal equates to approximately $6.8 billion, underscoring the institutional appetite for scaled, income-generating alternative real estate assets.
The proposed acquisition marks the climax of a seven-year pursuit by Brookfield, which first targeted National Storage REIT in 2019. A previous $2.40 per share approach in 2021 was unsuccessful after it was denied access to due diligence. This time, the consortium’s confidence appears tied to the REIT’s proven delivery of its development pipeline and the strategic addition of Singapore sovereign wealth fund GIC to the bidder group.
Industry specialists note that self-storage has emerged as a resilient sub-sector of commercial property, benefiting from urbanisation, smaller living formats and rising demand from both households and small businesses. National Storage REIT’s national footprint and embedded development pipeline position it as a highly scalable platform for long-term capital.
Advisory roles on the transaction reflect its scale and complexity. The Brookfield–GIC consortium is supported by Deutsche Bank, Jefferies Australia and legal adviser Ashurst, while National Storage REIT is being advised by Citi and JPMorgan.
If completed, the deal would represent a major consolidation move in Australia’s alternative property market and one of the largest self-storage transactions seen globally in recent years.
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