Public Storage agrees to acquire Simply Self Storage from Blackstone for $2.2b

Public Storage has agreed to acquire Simply Self Storage from Blackstone Real Estate Income Trust (BREIT) for $2.2 billion.

The Simply Self Storage deal consists of 127 wholly owned properties and 9 million net rentable square feet located across 18 states and in markets with population growth that is approximately double the national average since 2018. About 65 percent of the properties are in high-growth Sun Belt markets.

The transaction is expected to close in third quarter 2023.

Blackstone said the sale of Simply Self Storage will generate more than $600 million in profit.

“This acquisition reflects the continued execution of our multifactor external growth platform, which includes acquisitions, development, redevelopment, expansion and third-party management,” said Joe Russell, Public Storage chief executive.

Nadeem Meghji, head of Blackstone Real Estate Americas, said “Where you invest matters, and this transaction demonstrates the str