Dec 7 (Reuters) – Brookfield Asset Management and Singapore’s GIC are nearing a binding offer for National Storage REIT in a deal that may value the Sydney-listed company at about 4 billion Australian dollars ($2.65 billion), Bloomberg News reported on Sunday, citing people familiar with the matter. The parties are finalizing details of the deal […]
Business
Brookfield, GIC near binding offer for National Storage, Bloomberg News reports
Audio By Carbonatix
Dec 7 (Reuters) – Brookfield Asset Management and Singapore’s GIC are nearing a binding offer for National Storage REIT in a deal that may value the Sydney-listed company at about 4 billion Australian dollars ($2.65 billion), Bloomberg News reported on Sunday, citing people familiar with the matter.
The parties are finalizing details of the deal that could be announced as soon as Monday, the report said, adding that, Brookfield and GIC have successfully made progress on due diligence on National Storage.
According to the report, the price of the binding offer is likely to be the same as a conditional one in November.
Reuters could not immediately verify the report.
Last month, National Storage REIT said it had received a A$4.02 billion buyout offer from a consortium of Brookfield and Singapore’s GIC in what would be the country’s biggest real estate privatisation deal.
($1 = 1.5067 Australian dollars)
(Reporting by Abu Sultan in Bengaluru; Editing by Andrea Ricci)