Prior notification of a concentration (Case M.12273 – GIC REALTY / BROOKFIELD / NSR) – Candidate case for simplified procedure
Date: 2026-01-12
Institutions: Directorate-General for Competition, European Commission
Subjects: Australia, New Zealand, economic concentration, holding company, investment company, merger control, provision of services, real property, storage








C_202600223EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/223


12.1.2026






Prior notification of a concentration
(Case M.12273 – GIC REALTY / BROOKFIELD / NSR)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/223)


1.   
On 23 December 2025, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Brookfield Asset Management Ltd (‘Brookfield Asset Management’, Canada), controlled by Brookfield Corporation (‘Brookfield’, Canada),










—


Reco Vault (Singapore), controlled by GIC (Realty) Private Limited (‘GIC Realty’, Singapore),










—


National Storage REIT (‘NSR’, Australia).




Brookfield and GIC Realty will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of NSR.
The concentration is accomplished by way of public bid announced on 8 December 2025.


2.   
The business activities of the undertakings concerned are the following:






—


Brookfield is a global investment firm that deploys pools of discretionary capital globally for investors across its core businesses, including its asset management business and its operating businesses focused on renewable power and transition, infrastructure, private equity, and real estate, as well as corporate credit, real assets and listed equities, and aviation leasing and specialty finance,










—


GIC Realty is a holding company for real estate investments made on behalf of the Government of Singapore. Reco Vault is an investment entity wholly owned by GIC Realty,










—


NSR is a self-storage provider in Australia and New Zealand, with approximately 95 000 residential and commercial customers at more than 250 storage centres across Australia and New Zealand. NSR offers self-storage, business storage, climate-controlled wine storage, vehicle storage, vehicle and trailer hire, packaging, insurance and other services.






3.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2), it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


4.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12273 – GIC REALTY / BROOKFIELD / NSR
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2026/223/oj
ISSN 1977-091X (electronic edition)