Blackstone Real Estate Income Trust, Inc. (BREIT) announced that it has completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for $1.2 billion.
Simply Self Storage’s portfolio comprises eight million square feet across the U.S. Blackstone Real Estate Income Trust currently owns a $300 million portfolio of self storage facilities. ”With this acquisition, BREIT becomes the third largest non-listed owner of storage in the U.S. (Includes private owners and non-listed REITs.),” said the company in a statement.
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Simpson Thacher & Bartlett LLP served as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. served as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc., and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield.
BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $174 billion in investor capital under management.
