Blackstone Real Estate Income Trust said Friday that it had completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. The deal scales up what was previously a $300-million storage portfolio and makes BREIT the third-largest non-listed owner of storage in the U.S.

When the acquisition was announced in October, BREIT CEO Frank Cohen said, “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.”

Simpson Thacher & Bartlett LLP served as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities served as BREIT’s financial advisors. RBC Capital Markets, Newmark Group Inc., and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield.

Pictured: A Simply Self Storage facility in Frisco, TX. Photo courtesy of Simply Self Storage.

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