- Blackstone Group Inc (NYSE: BX) announced it is buying Simply Self Storage from Brookfield Asset Management Inc (NYSE: BAM) for about $1.2 billion. These are the details.
Blackstone Group Inc (NYSE: BX) announced it is buying Simply Self Storage from Brookfield Asset Management Inc (NYSE: BAM) for about $1.2 billion. The deal is being made through Blackstone’s non-traded real-estate investment trust (BREIT). The deal includes an 8-million-square-foot portfolio of self-storage properties.
Last month, Bloomberg had reported that Brookfield was exploring the sale of Simply Self Storage. Brookfield purchased Simply Self Storage for $830 million in 2016. That was around the time that Simply Self Storage had 90 locations. Now Simply Self Storage has over 120 locations across 23 states.
The BREIT was set up in 2017 and it has a net asset value of $19 billion. The real-estate investment trust is planning to buy smaller assets and run them under the Simply brand according to Tyler Henritze, head of acquisitions in the Americas for Blackstone’s real-estate group via WSJ.
