Singapore sovereign wealth fund GIC Pte Ltd and global alternative investment firm Brookfield Asset Management have agreed to buy National Storage REIT, a real estate investment trust listed in Australia, for A$4 billion (US$2.7 billion) cash or A$2.86 a share.
National Storage has unanimously recommended that shareholders vote in favour of the deal, the company says in a filing to the Australian Securities Exchange on December 8.
National Storage was established in 1995 with one storage site in Queensland state and now owns more than 270 across Australia and New Zealand.
“Brookfield and GIC both have extensive experience in the storage asset class in Australia and globally and we look forward to working with the NSR board to complete the transaction,” the institutional investors say in the filing.
GIC doesn’t publicly disclose its asset data. The Sovereign Wealth Fund Institute estimates the wealth fund had around $936 billion of assets as of March 2025.
Brookfield, a New York-headquartered firm majority owned by Canada’s Brookfield Corporation, managed more than $1 trillion of assets as of end-2024.
