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Newmark Advises Blackstone on $2.2B Self-Storage Portfolio Sale
Newmark Group has announced its role as the Co-Lead Advisor to Blackstone Real Estate Income Trust in the sale of Simply Self Storage to Public Storage for $2.2 billion. Newmark’s Capital Markets National Self Storage practice leader, vice chairman Aaron A. Swerdlin, and his team provided advisory services for the transaction.
The portfolio sold to Public Storage consists of 127 wholly-owned properties and 9 million net rentable square feet, spread across 18 states. These properties are located in markets with significant population growth, particularly in Sunbelt regions.
Public Storage utilized senior unsecured notes to fund the acquisition, anticipating accretion to FFO per share as the portfolio stabilizes. “Self-storage is an asset class that continues to perform, even amidst the current challenging capital markets environment,” said Swerdlin.
- ◦Sale/Acquisition
