Blackstone Real Estate Income Trust has agreed to pay Brookfield Asset Management $1.2 billion to acquire Simply Self Storage. The investor plans to close the deal later in the fourth quarter of this year.
The deal comes nearly five years after Brookfield’s $830 million purchase of the company in early 2016. Since that acquisition, Brookfield has doubled the firm’s size.
Simply Self Storage’s portfolio includes more than 100 properties encompassing upward of 8 million square feet. The majority of the company’s assets are located in the eastern half of the U.S., though the firm also owns and manages a handful of facilities in the Los Angeles and Seattle metro areas, according to Yardi Matrix.
Blackstone’s buy adds to its existing self storage portfolio, valued at $300 million. Most of its current assets operate under the Storage King USA brand.
The private equity firm’s BREIT vehicle targets longer-term, income-oriented properties. In September, the fund announced plans to acquire a $550 million manufactured housing portfolio. Most of the 40 parks are located in Florida.