Public Storage To Buy Simply Self Storage From BREIT for $2.2 Billion
24 7월 2023 - 8:52PM
Dow Jones News
By Colin Kellaher
Public Storage on Monday said it agreed to buy Simply Self
Storage from Blackstone Real Estate Income Trust for $2.2
billion.
Public Storage, a Glendale, Calif., real-estate investment
trust, said the acquired portfolio includes 127 wholly-owned
properties and 9 million net rentable square feet across 18 states,
with roughly 65% of the properties are located in high-growth
Sunbelt markets.
The company said it expects to complete the acquisition in the
third quarter.
Public Storage, which acquires, develops, owns and operates
self-storage facilities, had stakes in 2,877 facilities in 40
states, with about 205 million net rentable square feet, in the
U.S. as of March 31.
Blackstone Real Estate Income Trust, known as BREIT, is a
real-estate vehicle aimed at individual investors that is
externally managed by a unit of private-equity firm Blackstone.
BREIT acquired Simply Self Storage in late 2020 from a
Brookfield Asset Management real-estate fund for about $1.2
billion.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 24, 2023 07:37 ET (11:37 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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