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Investing.com -- Brookfield Asset Management Ltd. and Singapore’s GIC Pte are jointly exploring a potential takeover of Sydney-listed National Storage REIT, according to Bloomberg, citing people familiar with the matter.
The New York-based Brookfield and GIC have been discussing financing options with banks as they consider making an offer for the Australian storage company, said the people, who requested anonymity because the information is not public.
National Storage REIT shares have declined approximately 10% over the past year, giving the trust a market value of about A$3.2 billion ($2 billion).
The discussions are still in progress, and both Brookfield and GIC might ultimately decide not to proceed with an offer, the sources indicated.
National Storage operates more than 274 storage centers throughout Australia and New Zealand and holds the position as Australia’s largest self-storage provider.
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