Brookfield, GIC Agree to $2.7 Billion National Storage Deal (2)

Brookfield Asset Management Ltd. and Singapore’s GIC Pte agreed to a binding deal with National Storage REIT to buy the Sydney-listed firm for around A$4 billion ($2.7 billion).

They will pay A$2.86 per share in cash, according to a statement Monday, confirming an earlier Bloomberg News report. That’s a premium of about 26% premium to where the stock was trading before the deal was first flagged last month. The National Storage board unanimously recommended shareholders vote in favor of the transaction.

National Storage rose as much as 2.9% Monday morning to A$2.81, trading at the highest on record.