Blackstone Closes $1.2B Simply Self Storage Deal

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.