Blackstone agrees to purchase Simply Self Storage

Blackstone agrees to purchase Simply Self Storage

In an exemplary deal, Blackstone Group Inc has agreed to take over Simply Self Storage for USD 1.2 billion from Canada’s Brookfield Asset Management. The news was broken on late Sunday by asset manager’s spokeswoman. 

 

BREIT, Blackstone’s trust of investment in non-traded real-estate is as per the spokeswoman, getting hold of a huge chunk of self-storage facilities which goes to eight million-square-foot portfolio. It stamped the news ousted by the Wall Street Journal earlier. 

 

Interestingly, the Canadian conglomerate had bought Simply Self Storage in 2016 when it had ninety locations for USD 830 million. Today, it operates in 23 states of the US with hundred and twenty locations operating under its jurisdiction. 

 

Locations like Texas, NewYork, California and Florida are among them as per information available on the official website. Meanwhile, BREIT, that found its establishment in 2017 has a net worth of USD 19 billion. 

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