Brookfield and GIC to work with management to support its drive for operational excellence

NEW YORK, SYDNEY, SINGAPORE – May 8, 2026 – Leading global investment firms Brookfield and GIC have today announced the financial close of their acquisition of National Storage REIT (NSR), Australia and New Zealand’s largest owner and operator of self-storage facilities.

NSR securityholders received an all-cash consideration of A$2.86 per security, implying an enterprise value of approximately A$6.7 billion. The transaction is the largest ever take-private of an ASX-listed real estate investment trust.

NSR’s portfolio comprises more than 300 self-storage centres across Australia and New Zealand, serving over 100,000 residential and commercial customers, and represents a market-leading platform with strong long-term growth fundamentals.

Lowell Baron, CEO, Real Estate, Brookfield said: “National Storage is a high-quality, scaled platform operating in a sector supported by compelling structural tailwinds, where we bring deep global experience to drive local growth. We are pleased to complete this transaction alongside GIC and look forward to partnering with the NSR team to accelerate growth, enhance the customer offering, and expand the platform across Australia and New Zealand.”

Ankur Gupta, Head of Asia Pacific & Middle East, Real Estate, Brookfield said: “National Storage represents the type of market-leading growth platforms we look to invest in across Asia Pacific and where we can drive operational enhancement and accelerate growth. With the addition of NSR to our portfolio, Brookfield’s Australian business now has significant platforms across storage, living, hospitality, logistics and office.”

Goh Chin Kiong, Chief Investment Officer, Real Estate, GIC said: “GIC is pleased to deepen our existing partnership with NSR, an established and fully integrated owner-operator of self-storage centres with strong growth potential. Our existing joint venture with NSR has performed well, and we look forward to working with Brookfield and the NSR team to support the company’s next phase of development.”

Kishore Gotety, Head of Asia (ex China), Real Estate, GIC said: “We have been investing in Australia’s self-storage sector for a few years, having identified it as a resilient sector with significant opportunity for industry consolidation. It will also continue to benefit from the rising demand for living and storage space. We believe that NSR’s strong brand, integrated operating model, and extensive network will position it well to capitalise on this.”

Brookfield and GIC bring extensive experience in the self-storage sector globally while GIC has previously partnered with NSR in Australia.

Brookfield and GIC will work closely with NSR’s management team to support the team’s drive for operational excellence, pursuit of development opportunities and continued expansion of the platform in a market with relatively low storage penetration and strong population growth.

Brookfield has invested in NSR through its opportunistic flagship real estate strategy.