National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt

Nov 26, 2025

∙ Paid

Reportedly, Brookfield and Singapore’s GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand’s largest landlord of self-storage sites .
The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA. NSR entered into a trading halt this morning.
Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked.

The Trade:

There is, as yet, no firm Offer.
NSR has lagged domestically-listed peers.
I would not rule out EQT and Warburg Pincus - amongst others - running a ruler over NSR should Brookfield/GIC step up.

This insight is labelled bullish. It may also be obsolete should firm Offer details emerge shortly.

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