Brookfield Asset Management and Singapore’s GIC are close to submitting a binding bid for National Storage REIT, according to Bloomberg News citing familiar sources. The proposed deal could value the Sydney-listed company at roughly A$4 billion (about US$2.65 billion).
The two suitors are finalizing deal specifics, with a potential announcement as soon as Monday. Bloomberg notes that Brookfield and GIC have made substantial progress through due diligence on National Storage.
The report also indicates that the binding price is expected to match the terms of a conditional offer that was outlined in November. Reuters has not independently verified the disclosure at this time.
Last month, National Storage REIT disclosed that it had received a takeover bid of about A$4.02 billion from a Brookfield-led consortium including Singapore’s GIC, a transaction that would rank among Australia’s largest real estate privatizations.
Currency conversion used: US$1 equals A$1.5067.
Reported by Abu Sultan in Bengaluru, with editorial adjustments by Andrea Ricci.
What this could mean for national and regional real estate dynamics remains a topic of debate: does state-wealth-backed capital steer privatizations toward higher valuations, or could competitive pressure from private equity reshape sector expectations? Share your thoughts below.
