Brookfield, GIC Said to Near Binding Offer for National Storage

Brookfield Asset Management Ltd. and Singapore’s GIC Pte are nearing a binding offer for National Storage REIT in a deal that may value the Sydney-listed company at about A$4 billion ($2.7 billion), according to people familiar with the matter.

The parties are finalizing details of a transaction that could be announced as soon as Monday, the people said, asking not to be identified because the deliberations are private. Brookfield and GIC have successfully made progress on due diligence on National Storage, the people said.

Still, considerations are ongoing and no final decisions have been made, the people said, adding that ...