Scheme Completed Sponsor buyer
Brookfield Asset Management acquisition of National Storage REIT
A$6.7bn enterprise value
Announced 8 Dec 2025 · ASX: NSR · A$2.86 cash per share · 27% premium
Advisers
National Storage REIT
Target
- Financial adviser
- J.P. Morgan
(as JP Morgan) - Legal adviser
- Independent expert
- Tax adviser
- EY
(as Ernst & Young)
Iridium SP BidCo
Acquirer
Not disclosed
Other advisers
- Legal adviser
- Target
- National Storage REIT
- Acquirer
- Iridium SP BidCo
- Sponsor
- Brookfield Asset Management, GIC
- Structure
- Scheme of arrangement
- Completed
- 8 May 2026
- Equity value
- A$4bn
- Sector
- REITs and property funds
In the league tables
- M&A financial advisers, Calendar 2025 Citi #1 · J.P. Morgan #8
- M&A financial advisers, completed, 2026 to date Citi #2 · J.P. Morgan #3
- M&A legal advisers, Calendar 2025 Ashurst Perkins Coie #1 · Clayton Utz #7
- M&A legal advisers, completed, 2026 to date Ashurst Perkins Coie #1 · Clayton Utz #4
- Independent experts, Calendar 2025 Kroll #2
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Sources
- 1 Dec 2025 Project Knox: Inside Brookfield’s $6.8b play for National Storage REIT brookfield.com
- 8 Dec 2025 NSR enters into Scheme Implementation Deed ASX
- 10 Dec 2025 Clayton Utz advises National Storage on landmark A$4 billion acquisition by Brookfield and GIC consortium claytonutz.com
- 10 Mar 2026 Court approves convening Meetings and Scheme Booklet ASX
- 8 May 2026 Implementation of Schemes ASX
- 8 Jul 2026 Ashurst Perkins Coie's Australian M&A team delivers for clients in H1 2026 ashurstperkinscoie.com