Brookfield Asset Management and Singapore wealth fund GIC are forming a consortium to bid for National Storage REIT (ASX:NSR), the Australian Financial Review reported Wednesday, citing unnamed sources.

Sources indicated that the bid is expected to be near the net tangible asset value, with lenders working on a multibillion-dollar debt package to fund the deal.

The bidder consortium, advised by Deutsche Bank and Jefferies, is arranging a "hefty" debt package with multiple lending banks, the report said.

Brookfield and GIC did not immediately respond to MT Newswires' request for comment.

Meanwhile, National Storage REIT entered a trading halt on the Australian Securities Exchange, pending an announcement concerning a "potential control transaction" for all of its shares.

The halt will last until the announcement is made or until the start of trading on Friday, according to a Wednesday filing with the Australian bourse.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)