Public Storage has completed the previously announced acquisition of Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.
The portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018.
Approximately 65% of the properties are located in high-growth Sunbelt markets.
“We are pleased to welcome Simply’s team, customers, and third-party management partners to Public Storage’s industry-leading brand and platform,” said Joe Russell, Public Storage’s Chief Executive Officer. “We thank the Simply and Blackstone teams for their partnership through this process. The expeditious execution and integration further demonstrate our position as an acquirer of choice in the self-storage industry.”
Nadeem Meghji, Head of Blackstone Real Estate Americas, said, “This sale represents a terrific outcome for BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors. Public Storage is a leader in its space and will be an excellent steward of this portfolio.”
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