Brookfield and GIC consortium → National Storage REIT
completedBrookfield and GIC agreed to take Australia and New Zealand's largest self-storage operator private at A$2.86/unit, in what was described as the largest-ever take-private of an ASX-listed REIT; the deal completed on 8 May 2026.
Brookfield and GIC wanted National Storage REIT's platform of 300+ self-storage centres to pursue development and expansion opportunities in a market with low storage penetration and strong population growth.
Unitholders were offered a 26.5% premium to the pre-announcement closing price, all in cash, trading takeover uncertainty for immediate certain value.
Not publicly disclosed.
Framed by commentators as a record deal — the largest take-private of an Australian-listed REIT to date.
Deal mechanics
Herbert Smith Freehills Kramer (advising GIC as part of the consortium)
Not publicly disclosed
All-cash take-private at A$2.86/unit via Iridium SP BidCo Pty Ltd and Iridium SP Bid Trust vehicles
Not publicly disclosed
Not publicly disclosed; a foreign consortium acquiring an Australian REIT would typically require FIRB clearance
Brookfield and GIC syndicated a A$2.77bn loan facility across three- and five-year tranches, underwritten by DBS Group and National Australia Bank