Blackstone Real Estate Buying Simply Self Storage in $1.2B Deal with Brookfield
October 26, 2020 | James Sprow | Blue Vault
The Blackstone Group Inc.’s Blackstone Real Estate Income Trust Inc. entered into a definitive agreement to acquire Simply Storage Management LLC, d/b/a Simply Self Storage, from Brookfield Asset Management Inc. for about $1.2 billion.
Simply Self Storage is a private owner of self-storage that owns and operates a portfolio of self-storage facilities totaling 8 million square feet across the U.S.
The Wall Street Journal reported on the deal being in the works over the weekend. In September, Bloomberg News had reported that Brookfield had tapped advisers for the sale. Brookfield owned Simply Self Storage since 2016.
Blackstone Real Estate owns a $300 million portfolio of self-storage facilities. With the deal, Blackstone Real Estate will become the third largest non-listed storage owner in the U.S. SmartStop Self Storage REIT, Inc., a nontraded REIT, as of June 30, 2020, owned 112 properties with a combined 8,237,600 square feet.
The transaction, which is subject to certain customary closing conditions, is expected to close before the end of 2020.
Source: S&P Global Market Intelligence, Blue Vault
