Asset management giant Brookfield and GIC bid $2.6 billion to acquire National Storage REIT.

Asset management giant Bruker Corporation and Brookfield Asset Management Limited (Brookfield) along with the Singapore government investment company GIC have proposed to acquire Sydney-listed National Storage REIT (CareTrust REIT Inc), valuing the self-storage provider at 4.02 billion Australian dollars. National Storage announced on Wednesday that its investors will receive a return of A$2.86 per share. The company's stock price soared 19% to A$2.70 at the close of the Sydney market. National Storage stated that it will allow the bidding party to conduct exclusive due diligence by December 7 to facilitate a binding takeover offer. The company said its goal is to reach an agreement with the acquirer by that date. National Storage operates over 270 storage centers in Australia and New Zealand. It is the largest self-storage provider in Australia. If the deal is completed, it will help revitalize transaction activity in Australia. Previous potential blockbuster transactions, including the failed acquisition attempt of rival mining company Anglo American by BHP Group Ltd Sponsored American Depositary Receipt Repr 2 Shs (BHP.US) worth 43 billion US dollars, have hampered transaction activity in the region. Data shows that M&A transactions involving Australian companies as targets or sellers have decreased by 30% to approximately 70 billion US dollars compared to the same period last year. GIC is one of the world's largest sovereign wealth funds. Although the size of its managed assets is not publicly disclosed, Global SWF estimates that the company manages assets worth 936 billion US dollars. GIC stated in July that real estate valuations may be bottoming out, presenting attractive investment opportunities.