National Storage has grown from its first storage site in 1995 in Oxley, Queensland, and now operates more than 270 centers across Australia and New Zealand. It’s the largest self-storage provider in Australia. The deal could help revitalise dealmaking in Australia, which has been relatively sluggish this year.
Subject to regulatory approvals and other conditions being met, National Storage said it expects the deal to be completed in the second quarter of 2026.
“Brookfield and GIC both have extensive experience in the storage asset class in Australia and globally and we look forward to working with the NSR board to complete the transaction,” the bidders said.
Elsewhere in Australia, other notable deals haven’t been successful this year. EQT AB and CVC Asia Pacific Ltd scrapped talks earlier this month with AUB Group Ltd about a possible takeover that had valued the Australian insurance broker at around A$5.2 billion. Last month, BHP Group walked away from a fresh offer to buy Anglo American plc.
See also: Toyota extends US$35 bil deal deadline at 9% short of goal
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