European regulators on Tuesday signed off on a proposed $2.6 billion buyout of Australian self-storage company National Storage REIT by Brookfield Asset Management and GIC, in a deal advised by Ashurst LLP and Clayton Utz.

The European Commission said it had approved the acquisition by affiliates and funds managed by Canada-based Brookfield and GIC, of Singapore. The two purchasers agreed to pursue the deal in December.

The commission on Tuesday concluded that the transaction would not lead to competition concerns given the limited effects of the deal in Europe. National Storage REIT mostly holds self-storage properties in Australia and New Zealand, the commission noted.

National Storage is the largest self-storage operator in Australia and New Zealand, with more than 270 locations in the countries that serve residential and commercial customers, according to the REIT.

Under the take-private transaction, National Storage shareholders would receive AU$2.86 ($1.85) per share. The deal is expected to close in the second quarter.

Citigroup and JPMorgan are serving as financial advisers for National Storage.

Representatives for GIC and Brookfield did not return requests for comment Wednesday.

National Storage is represented by Andrew Hay, Stephanie Daveson, Bruce Lloyd, Laura van Stekelenburg, Lisa Houston, Andrew Mackenzie, Clayton Barrett, Natalie Harawira, Carlos Cheng, and Aidan Bryant of Clayton Utz.

Brookfield is represented by Ashurst LLP.

Counsel information for GIC was not immediately available.