By David Winning
SYDNEY--National Storage REIT said it is a $2.60 billion takeover target of Brookfield and Singapore's GIC, in the latest example of overseas investors seeking to buy Australian self-storage assets.
National Storage REIT said the consortium's latest offer is worth 2.86 Australian dollars (US$1.85) per share in cash, which followed earlier indicative proposals. That values its equity at some A$4.02 billion.
National Storage REIT, which is the largest self-storage provider in Australia and New Zealand, said it has allowed the consortium to carry out due diligence to determine whether it will make a binding bid.
National Storage REIT has more than 275 storage sites across the two countries, with more than 94,500 residential and commercial customers.
Talks over a deal come months after U.S.-listed Public Storage and Ki Corp abandoned a A$2.17 billion takeover campaign for Australia-listed Abacus Storage King, after being unable to reach agreement on what the business is worth.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
11-26-25 0031ET
