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Blackstone Bulks Up Self-Storage Presence with $1.2B Deal
Blackstone is bulking up its presence in the self-storage market. Its Blackstone Real Estate Income Trust has agreed to acquire Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion.
Simply Self Storage, which Brookfield acquired in 2016, operates an eight-million-square-foot portfolio nationwide. BREIT currently owns a $300-million portfolio of self-storage facilities and, following this acquisition, will be the nation’s third-largest non-listed owner of storage.
BREIT CEO Frank Cohen said, “This transaction is a complementary addition to BREIT’s high-quality portfolio of income-generating real estate, which is heavily weighted towards logistics and multifamily primarily in growth markets.”
He added, “Simply Self Storage is a best-in-class company with significant potential for growth through future acquisitions in a highly fragmented sector, and similar to logistics, self-storage is a resilient sector through economic cycles because of low tenant turnover, minimal maintenance costs and stable cash flows.”
Pictured: A Simply Self Storage facility in Frisco, TX. Photo courtesy of Simply Self Storage.
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- ◦Sale/Acquisition
