GIC and Brookfield have completed their acquisition of National Storage REIT (NSR), Australia and New Zealand’s largest owner and operator of self-storage facilities.
The two global investment firms had announced the deal in December 2025.
In a joint announcement on May 8 announcing the financial close of the deal, GIC and Brookfield say NSR securityholders received an all-cash consideration of A$2.86 ($2.62) per security, implying an enterprise value of approximately A$6.7 billion.
The transaction is the largest-ever privatisation deal of a real estate firm listed on the Australian Stock Exchange (ASX), topping Brookfield’s A$1.27 billion purchase of Aveo Group in 2019.
NSR’s portfolio comprises more than 300 self-storage centres across Australia and New Zealand, serving over 100,000 residential and commercial customers.
The two firms say they will work closely with NSR’s management team “to support the team’s drive for operational excellence, pursuit of development opportunities and continued expansion of the platform in a market with relatively low storage penetration and strong population growth”.
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Brookfield has invested in NSR through its opportunistic flagship real estate strategy.
Goh Chin Kiong, CIO, real estate, GIC, says: “GIC is pleased to deepen our existing partnership with NSR, an established and fully integrated owner-operator of self-storage centres with strong growth potential. Our existing joint venture with NSR has performed well, and we look forward to working with Brookfield and the NSR team to support the company’s next phase of development.”
Kishore Gotety, head of Asia (ex China), real estate, GIC, adds: “We have been investing in Australia’s self-storage sector for a few years, having identified it as a resilient sector with significant opportunity for industry consolidation. It will also continue to benefit from the rising demand for living and storage space. We believe that NSR’s strong brand, integrated operating model, and extensive network will position it well to capitalise on this.”
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Lowell Baron, CEO, real estate, Brookfield, says: “National Storage is a high-quality, scaled platform operating in a sector supported by compelling structural tailwinds, where we bring deep global experience to drive local growth. We are pleased to complete this transaction alongside GIC and look forward to partnering with the NSR team to accelerate growth, enhance the customer offering, and expand the platform across Australia and New Zealand.”
Ankur Gupta, head of Asia Pacific and Middle East, real estate, Brookfield, adds: “National Storage represents the type of market-leading growth platforms we look to invest in across Asia Pacific and where we can drive operational enhancement and accelerate growth. With the addition of NSR to our portfolio, Brookfield’s Australian business now has significant platforms across storage, living, hospitality, logistics and office.”
National Storage started out with just one storage site in 1995 in Oxley, Queensland. NSR listed on the ASX in December 2013.
