A consortium led by Brookfield and GIC, Singapore’s sovereign wealth fund, is preparing a buyout proposal for National Storage, a real estate business operating self-storage sites throughout Australia. National Storage is an owner and operator of self-storage centres, providing storage solutions for households and businesses. The company manages a network of storage facilities across Australia and New Zealand.
National Storage Group last traded on the ASX at $2.26 per share, giving it a market capitalisation exceeding $3 billion. According to lender sources involved in structuring a multi-billion dollar debt package to support the transaction, the offer price is expected to be close to the net tangible assets of the company. This valuation reflects the underlying asset value of National Storage’s extensive property portfolio.
Brookfield is a global alternative asset manager, while GIC is a sovereign wealth fund established by the Government of Singapore to manage Singapore’s foreign reserves. Neither Brookfield nor GIC have released an official statement regarding the potential acquisition. Details regarding the final offer price and terms of the agreement are still under negotiation.
