Blackstone Real Estate Income Trust has reached a deal to acquire Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion.
Simply Self Storage is a private owner of self-storage with 8 million square feet across the United States. The deal is expected to close before year-end.
BREIT currently owns a $300 million portfolio of self-storage facilities, and following this acquisition it will make Blackstone Real Estate the third-largest private owner of storage space in the nation.
More than 90 percent of BREIT’s real estate investments are in multifamily, industrial and net-leased assets. BREIT has approximately $3.6 billion of immediate liquidity to execute on acquisitions of high-quality assets.
Brookfield acquired Simply Self Storage in 2016 in one of its opportunistic real estate funds. Since that time, Brookfield more than doubled the size of the company and helped transform the business into a fully-inte
