On December 8, 2025, a consortium backed by Brookfield Asset Management and Singapore's GIC has agreed to acquire Australia's National Storage REIT for approximately A$4 billion (C$3.75 billion). The binding agreement offers shareholders A$2.86 cash per share, representing a 26.5% premium to the company's November 25 closing price. National Storage shares reached an all-time high of A$2.810 following the announcement. The transaction marks the largest take-private deal of an Australian real estate firm, surpassing Brookfield's A$1.27 billion acquisition of Aveo Group in 2019.

National Storage, established in 1995, operates over 270 self-storage locations across Australia and New Zealand serving residential and commercial customers. The company's board unanimously recommended the offer, subject to an independent expert's assessment and absent a superior proposal.