National Storage REIT (NSR) has completed its acquisition by a consortium comprising Brookfield Funds and affiliates of the GIC Investor, marking the end of the REIT’s 15-year history as a listed Australian real estate investment trust. The scheme of arrangement, which required shareholder approval at an extraordinary general meeting held in March 2026, was implemented today, with all stapled security holders receiving their scheme consideration of $2.80 cash per security.
The completion represents the culmination of a process that commenced in December 2025 when the consortium emerged as the successful bidder for NSR. The $2.80 per security offer valued the company’s equity at approximately $3.3 billion, reflecting a 26 percent premium to the closing price prior to the scheme announcement. Securityholders who held units on the record date of 29 April 2026 received their cash payments today, effectively concluding their investment in the publicly listed entity.
The delisting of NSR from the ASX follows the established sequence for takeover schemes. Trading in NSR securities was suspended at market close on 21 April 2026, pending implementation of the scheme. The company now intends to apply for removal from the official list of the ASX, with delisting expected to occur shortly. This transition from listed REIT to privately held asset represents a strategic shift in ownership and operational control for what has been one of Australia’s largest self-storage operators.
Governance changes have accompanied the implementation, with four independent directors departing from the boards of National Storage Holdings Limited and National Storage Financial Services Limited, the responsible entity of the underlying trust. Anthony Keane, Howard Brenchley, Inmaculada Beaumont, and Simone Haslinger, who guided the company through the scheme process and earlier periods, have been replaced by individuals nominated by the Consortium. The board and management have formally acknowledged the contributions of the outgoing directors, whose tenure included navigating NSR through the acquisition process.
The completion of the scheme concludes a significant chapter for Australian REIT investors who held NSR securities. Under Brookfield and GIC ownership, NSR’s self-storage portfolio will transition to private management, likely focusing on longer-term value creation rather than quarterly earnings metrics and distribution targets that characterise public REITs. The consortium’s investment signals confidence in the defensive qualities and growth potential of Australia’s self-storage sector, even at the $2.80 valuation.
Investors should monitor the formal delisting application to the ASX, which will provide clarity on exact timing for the removal of NSR from the official list. The completion of scheme implementation also marks the final resolution of litigation and approval processes that characterised the transaction timeline from announcement through implementation.
View the full ASX announcement (PDF)
About National Storage REIT (ASX: NSR)
National Storage REIT is the largest self-storage provider in Australia and New Zealand, operating over 290 storage centres serving over 100,000 residential and commercial customers. The company generates revenue primarily from rental income supplemented by ancillary services such as packaging materials, locks, and insurance. It is the first independent, internally managed and fully integrated owner and operator of self-storage centres listed on the Australian Securities Exchange.
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