Blackstone adds $1B to self-storage bet with purchase from Brookfield Asset Mgt

  • 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.

https://seekingalpha.com/news/3625537-blackstone-adds-1b-to-self-storage-bet-purchase-from-brookfield-asset-management

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