Public Storage to acquire Simply Self Storage for $2.2 billion

July 24, 2023 | Reuters

Self-storage operator Public Storage (PSA.N) said on Monday it has entered a deal to buy Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion, as it looks to expand its market presence.

Demand for storage space has waned from the heights of the pandemic, as people return to offices, and some analysts expect more consolidation in the sector.

Public Storage, which owns more than 2,800 properties, will expand further through Simply’s portfolio, which comprises 127 wholly-owned properties spread across 18 states and in highly populated markets.

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