Blackstone Group has struck a deal to buy Simply Self Storage from Brookfield Asset Management for around $1.2 billion, according to the Wall Street Journal. The private-equity firm’s nontraded real-estate investment trust (AKA BREIT) is buying the 8 million square-foot portfolio of self-storage facilities.
- Be Smart: People in motion is a positive for the storage business. The sector has remained resilient during the pandemic as Americans have moved out of cities or gone to stay with relatives.
- Worth Noting: In an industry dominated by publicly traded giants such as Public Storage, Simply’s more than 120 locations across 23 states make it one of the largest private players. BREIT, which already owns 2.6 million SF of self-storage facilities, plans to continue to acquire smaller assets in the fragmented industry and run them under the Simply brand. [WSJ]