Blackstone Real Estate Income Trust has completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage's portfolio comprises eight million square feet across the US, making BREIT the third largest non-listed owner of storage in the country.
The self-storage sector is dominated by a handful of public REITs and numerous smaller companies. Simply Storage is among the largest of private operators. The opportunity to acquire a $1 billion-plus storage portfolio, including a brand and a team, is incredibly rare, Tyler Henritze, head of acquisitions in the Americas for Blackstone's real-estate group told the Wall Street Journal when the deal was first announced.
The acquisition also adds some diversity to BREIT's income-generating real estate, which is heavily weighted towards logistics and multifamily assets.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
