Herbert Smith Freehills Kramer advising GIC on acquisition of National Storage REIT as part of a consortium with Brookfield

Herbert Smith Freehills Kramer is pleased to be advising GIC in relation to its proposed acquisition of National Storage REIT (NSR) by way of a scheme of arrangement as part of a consortium with entities established and owned by Brookfield Asset Management, on behalf of its affiliates and their managed funds (Brookfield). Ashurst acted for the consortium.

NSR is the largest self-storage provider in Australia and New Zealand and the bid reflects an equity value of approximately $4.0 billion and an enterprise value of $6.7 billion.

The Herbert Smith Freehills Kramer team was led by partners Philippa Stone and Robert Bileckij, and supported by senior associates Samuel Moran, David Tilley and Henry Simpson.

Philippa Stone said, "We are extremely proud to be working with GIC on this significant acquisition."

Implementation of the scheme is subject to certain conditions including NSR shareholder approval, court approval and approval by the Foreign Investment Review Board.