| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Toitū Te Whenua Land Information New Zealand |
| Decision date | 07 April 2026 |
| Pathway | Significant business assets |
| Investment | Acquisition of up to 100% of the shares in National Storage Holdings Limited and up to 100% of the units in the National Storage Property Trust including any subsequent restructure |
| Consideration | Withheld under section 9(2)(b)(ii) of the Official Information Act |
| Applicant | Iridium SP Bidco Pty Ltd and ITG Australia TS Sub Pty Ltd as trustee for the Iridium SP Bid Trust Singapore 50% North America 30% Various 20% |
| Vendor | National Storage REIT Australia 48% United States of America 20% United Kingdom 5% Various 27% |
| Background | The Applicants are ultimately equally owned by investment vehicles managed and controlled by Brookfield, a global investment firm and alternative asset manager, and by a Singaporean body corporate that owns and administers assets of the Government of Singapore. The Applicants are acquiring the National Storage business which is a self-storage provider in Australia and New Zealand. This application was subject to a national interest assessment because the Applicants are non-New Zealand Government investors as it is ultimately 50% owned by the owner and administrator of Singaporean Government assets. The Minister of Finance has decided that the investment is not contrary to New Zealand’s national interest. Consent was granted as the Applicants have met the investor test criterion. |
| More information | Dan Jones Russell McVeagh PO Box 8 Auckland 1140 |