Global investment firms GIC and Brookfield have acquired National Storage REIT ( NSR ), the largest owner and operator of self-storage facilities in Australia and New Zealand, for A$6.7 billion ( US$4.84 billion ).

The transaction is the largest privatization of a real estate investment trust listed on the Australian Securities Exchange, with NSR securityholders receiving an all-cash consideration of A$2.86 per unit.

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.

Brookfield Real Estate CEO Lowell Baron comments: “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.”

Kishore Gotety, GIC head of Asia ( ex-China ), real estate, adds: “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 capitalize on this.”

Brookfield and GIC have pledged to work closely with NSR’s management team “to support the company’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”.