National Storage REIT is Australia and New Zealand’s largest owner and operator of self-storage facilities, with more than 300 properties across both jurisdictions. The transaction represents the largest take-private of an ASX-listed real estate investment trust in Australian history, with an enterprise value of approximately $6.7 billion.
G+T worked closely with the lender group to advise on all financing aspects of the transaction, including commitment papers, syndication documentation, acquisition and restructure due diligence, structuring of the multi-tranche platform and portfolio facilities and negotiation of hedging arrangements. The financing required the coordination of multiple asset pools, development pipelines and secured real estate debt facilities across Australia and New Zealand.
The team was led by partners John Schembri and Spiro Papadolias, with support from lawyers Sara Mohabbati, Connor McNamara, Ishma Nasheed, Olivia Lynch, Ryan Chan and Ashan Wijesinghe.
John Schembri commented:
We are thrilled to have supported GIC and Brookfield’s lender group on the financing of this landmark real estate transaction. A take-private transaction of this scale requires a financing platform that can accommodate a large and diverse asset portfolio, development pipeline and cross-border considerations, while giving lenders a coordinated and robust secured debt framework.
Spiro Papadolias commented:
This transaction highlights the depth of lender appetite for high-quality real estate platforms backed by leading institutional sponsors. It was great to work with the lender group on a financing that supports the next stage of growth for one of Australia and New Zealand’s leading self-storage platforms. It was a real team effort and a privilege to help execute on such a complex and landmark transaction.
