Brookfield, GIC Bid $2.6 Billion for National Storage (1)

Brookfield Asset Management Ltd. and Singapore’s GIC Pte offered to buy Sydney-listed National Storage REIT in a deal valuing the self-storage provider at A$4.02 billion ($2.61 billion).

Investors in National Storage will receive A$2.86 for each share, the company said Wednesday. The shares jumped 19% to A$2.70 at the close of trade in Sydney.

National Storage said it will let the bidding group carry out exclusive due diligence until Dec. 7 in order to generate a binding offer. The company said it aims to strike deal with the suitors by that date.

National Storage operates more than 270 storage centers ...