Asset management giant Brookfield Asset Management and Singapore's sovereign wealth fund GIC have made an offer to acquire Sydney-listed National Storage REIT, valuing the self-storage provider at AUD 4.02 billion. National Storage announced that its investors would receive AUD 2.86 per share. The company's stock surged 19% to AUD 2.70 at the close of trading in Sydney.

National Storage has granted the bidders exclusive due diligence until December 7 to facilitate a binding acquisition proposal. The company aims to reach an agreement with the buyers by that date. National Storage operates over 270 storage centers across Australia and New Zealand, making it the largest self-storage provider in Australia.

If successful, the deal could help revive merger and acquisition activity in Australia, which has recently slowed. Earlier high-profile deals, including BHP Group's failed USD 43 billion bid for rival Anglo American, have dampened regional transaction volumes. Data shows that M&A activity involving Australian companies as targets or sellers has dropped to around USD 70 billion this year, a 30% decline compared to 2024.

GIC, one of the world's largest sovereign wealth funds, manages an estimated USD 936 billion in assets. In July, GIC suggested that real estate valuations might be bottoming out, presenting attractive investment opportunities.