A PYMNTS Company

Blackstone Will Buy Simply Self Storage For $1.2B

By  |  October 26, 2020

Blackstone Group announced on Monday, October 26, that it had agreed to buy Simply Self Storage from Canada’s Brookfield Asset Management for about US$1.2 billion, reported Reuters.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Brookfield acquired Simply Self Storage for US$830 million in 2016 and the company has a portfolio of 8 million square feet of self-storage facilities.

    Blackstone stated Simply Self Storage is one of the top five private owners of self-storage in the United States, and the deal would make its real-estate investment trust, BREIT, the third biggest non-listed owner of such facilities.

    “Self-storage is a resilient sector through economic cycles because of low tenant turnover, minimal maintenance costs and stable cash flows,” BREIT Chief Executive Officer Frank Cohen said.