Brookfield and GIC have made a non-binding bid to acquire National Storage REIT (NSR) in a deal valued at A$4bn (€2.2bn).
NSR said the consortium made up of Brookfield Property Group and GIC Investments Australia had offered to pay A$2.86 cash per stapled security.
The offer price reflects a premium of more than 26% to the company’s share price of A$2.26 on Wednesday morning before NSR went into a trading halt.
The NSR board said the proposal is subject to a number of conditions, including the bidders finishing due diligence, signing a binding agreement and the board unanimously recommending the deal to securityholders.
National Storage operates more than 270 centres with 1.5m net lettable area in Australia and New Zealand. National Storage is also a major shareholder in another publicly listed self-storage company, Abacus Storage King.
Singapore’s GIC and National Storage run a joint venture fund, launched last June, to develop and operate assets in Australia. GIC holds a 75% stake, while National Storage holds 25%.
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