Brookfield and GIC Complete Record A$6.7 Billion Acquisition of National Storage REIT
NEW YORK / SYDNEY / SINGAPORE — Brookfield Properties and GIC announced May 8, 2026, the financial close of their acquisition of National Storage REIT (NSR), Australia and New Zealand's largest owner and operator of self-storage facilities, in a transaction valued at approximately A$6.7 billion — the largest take-private of an ASX-listed real estate investment trust ever recorded.
NSR securityholders received an all-cash consideration of A$2.86 per security. Brookfield invested through its opportunistic flagship real estate strategy. The transaction deepens GIC's existing partnership with NSR; GIC previously operated a joint venture with NSR in Australia.
Portfolio Scale and Market Position
NSR's portfolio comprises more than 300 self-storage centers across Australia and New Zealand, serving over 100,000 residential and commercial customers. Additional portfolio details — including total square footage, unit count, occupancy rate, and geographic breakdown by city — were not disclosed in connection with this announcement.
Lowell Baron, CEO of Real Estate at Brookfield, said: "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."
Strategic Rationale
The acquisition expands Brookfield's Australian portfolio across multiple property sectors. Ankur Gupta, Head of Asia Pacific and Middle East, Real Estate at Brookfield, noted that with the addition of NSR, Brookfield's Australian business now has significant platforms across storage, living, hospitality, logistics, and office.
"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," Gupta said.
For GIC, the transaction reflects continued investment in the Australian self-storage sector. Goh Chin Kiong, Chief Investment Officer of Real Estate at GIC, said the firm is "pleased to deepen our existing partnership with NSR, an established and fully integrated owner-operator of self-storage centres with strong growth potential."
Kishore Gotety, Head of Asia (ex China), Real Estate at GIC, added: "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."
Market Context
Both Brookfield and GIC cited relatively low self-storage penetration in Australia and strong population growth as key structural tailwinds supporting the sector. NSR's integrated operating model, brand recognition, and extensive network were highlighted as attributes supporting future growth.
Operational Plans and Next Steps
Brookfield and GIC have indicated they will work closely with NSR's existing management team to pursue operational excellence, development opportunities, and continued platform expansion.
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