- Blackstone’s (NYSE:BX) nontraded real-estate investment trust BREIT has agreed to buy Simply Self Storage from Brookfield Asset Management (NYSE:BAM) for about $1.2B, reports the WSJ.
- Simply Self Storage is one of the larger privately-held self storage players, with 8M square feet in 120 locations across 23 states. Publicly-traded names include Public Storage (NYSE:PSA), CubeSmart (NYSE:CUBE), Extra Space Storage (NYSE:EXR), National Storage Affiliates (NYSE:NSA), and Life Storage (NYSE:LSI).
- As for BRIET, it owned about 2.6M square feet of storage space prior to this deal, and it plans to continue consolidating assets in what is still a fairly fragmented industry.
- Brookfield acquired Self Storage in 2016 for $830M, when the company had just 90 locations, eventually rolling that up to more than 200. The company sold 112 of those facilities for $1.3B to a JV involving National Storage two years ago.