Brookfield, GIC near binding offer for National Storage: sources

[SYDNEY] Brookfield Asset Management and GIC are nearing a binding offer for National Storage REIT in a deal that may value the Sydney-listed company at about A$4 billion (S$3.4 billion), according to people familiar with the matter.

The parties are finalising details of a transaction that could be announced as soon as Monday (Dec 8), the people said, asking not to be identified because the deliberations are private. Brookfield and GIC have successfully made progress on due diligence on National Storage, the people said.

Still, considerations are ongoing and no final decisions have been made, the people said, adding that the price of the binding offer is likely to be the same as a conditional one in November.

Representatives for Brookfield and GIC declined to comment, while National Storage did not immediately respond to a request seeking comment outside of business hours.

Last month, Brookfield and GIC offered to buy National Storage for A$2.86 per share. The Australian company allowed the bidding group to carry out exclusive due diligence until Dec seven in order to generate a binding offer and strike a deal.

National Storage operates more than 270 storage centres across Australia and New Zealand. It is the largest self-storage provider in Australia. BLOOMBERG