Australia’s largest storage space provider, National Storage REI,T has received an offer of $2.6 billion from a consortium comprising investment group Brookfield and Singapore’s investment fund GIC, as per an official announcement on Wednesday.
The update—floated on both the ASX and the company’s website—represents National Storage’s biggest unsolicited offer yet of $2.6 billion, according to Reuters. The official statement says that the consortium is offering A$2.86 per share, which represents a 26.5% premium to its closing price on Tuesday.
If successfully carried out, the deal would take one of Australia’s largest publicly traded companies off the ASX200 and make it a private entity.
The deal’s approval still hinges on a final vote by shareholders and the conduct of due diligence by the consortium.
The firm’s FY2025 results disclosed annual revenues from its storage centres of A$366.8 million and a profit after tax of A$236.1 million. EPS for the quarter was 11.9 cents per share. Moodys has given a credit rating of Baa2/stable. National Storage REIT manages 274 storage centres, up from 254 storage centers listed in its previous FY2024 results.
National Storage REIT has demonstrated a strong pattern of earnings since 2014, showing a CAGR (Cumulative Annual Growth Rate) of 23%. The company’s gearing ratio has increased to 33%, reflecting an increase in debt, which it has said is for the purpose of acquisitions and securing new developments.
National Storage REIT is the result of a merger between three storage companies in 2000: Stowaway Self Storage, National Mini Storage, and Premier Self Storage.