Media release: Clayton Utz advises National Storage on landmark A$4 billion acquisition by Brookfield and GIC consortium

The transaction is implemented through a statutory scheme of arrangement and concurrent trust scheme. If the schemes are approved and implemented, National Storage securityholders will receive $2.86 cash per stapled security, on the basis that a dividend or distribution of 6 cents in respect of the financial half year ending 31 December 2025 may be paid, in which case, the cash payable per stapled security will be reduced by the amount of the dividend or distribution paid.

The scheme consideration implies an equity value of approximately $4.0 billion and an enterprise value of approximately $6.7 billion for National Storage, representing a 26.5% premium to NSR’s undisturbed closing price and a 10.9% premium to net tangible asset value as at 30 June 2025. The transaction is subject to a number of conditions and approvals and is expected to complete in Q2 2026.

The team was led by Clayton Utz Corporate partners Andrew Hay and Stephanie Daveson, Competition partner Bruce Lloyd and Corporate senior associates Laura van Stekelenburg and Lisa Houston, with support from special counsel Andrew Mackenzie and Clayton Barrett, and lawyers Natalie Harawira, Carlos Cheng and Aidan Bryant.

Commenting on the transaction, Mr Hay said:

National Storage's acquisition by a Brookfield and GIC consortium highlights the strength of the self-storage sector in Australia. We're proud to be supporting National Storage in achieving this outcome and look forward to seeing the continued success of the business.