Blackstone has agreed to acquire Simply Self Storage from Brookfield Asset Management Inc. for $1.2 billion, The Wall Street Journal reported on Sunday.
”The private-equity firm’s nontraded real-estate investment trust, known as BREIT, is buying the 8 million square-foot portfolio of self-storage facilities for about $1.2 billion, the two firms said. The deal is expected to be announced Monday.,” The Wall Street Journal said in the report.
Simply Self Storage operates more than 120 locations across 23 states including Texas, Florida, New York and California, according to its website.
Toronto-based global asset manager Brookfield Asset Management has acquired Simply Self Storage (SSS) for $830 million in 2016.
In 2018, a joint venture between National Storage Affiliates Trust and an affiliate of Heitman Capital Management has acquired a portfolio of 112 self storage properties from Brookfield Asset Management for $1.3 billion.
Blackstone Real Estate Income Trust, Inc.(BREIT), is a non-listed, perpetual-life real estate investment trust advised by an affiliate of Blackstone Real Estate.
Blackstone Real Estate, the company’s real estate business, was founded in 1991 and has $161 billion of investor capital under management.