Blackstone makes $1.2B deal with Brookfield for self-storage company

Storage businesses are a rare bright spot amid the economic downturn

National /
Oct.October 26, 2020 11:24 AM
Blackstone Group president Jonathan Gray (Getty)

Blackstone Group president Jonathan Gray (Getty)

Blackstone Group is buying Simply Self Storage from Brookfield Asset Management for about $1.2 billion, Bloomberg reported.

Brookfield bought the storage company in 2016 and has more than doubled its footprint; it now has more than 8 million square feet of space across the U.S. It started seeking buyers for the company earlier this year.

With this deal, Blackstone, which owns $300 million worth of self-storage facilities, would become the country’s third-largest owner of storage not listed on a stock exchange, according to Bloomberg.

The sale is set to be finalized by the end of the year.

The self-storage sector has fared better than the other real estate investment trust sectors in the pandemic, as economic changes tend to create demand for self-storage.

[Bloomberg] — Akiko Matsuda


Related Articles

arrow_forward_ios
President Donald Trump and 1483 Shore Parkway in Brooklyn (Getty; Google Maps)

Lawsuit targets Trump for “fraudulent” rent overcharge scheme

Lawsuit targets Trump for “fraudulent” rent overcharge scheme
Blackstone's Jonathan Gray (Getty; iStock)

Blackstone acquires $358M warehouse portfolio

Blackstone acquires $358M warehouse portfolio
Simon and David Reuben with 20 East 76th Street (Getty; Google Maps)

Reuben Brothers pick up Surrey Hotel at a discount

Reuben Brothers pick up Surrey Hotel at a discount
Multifamily sector beating the odds

Multifamily sector beating the odds

Multifamily sector beating the odds
The home improvement retailer will stay in it's Flatiron location (Google Maps)

Home Depot extends lease for Flatiron store

Home Depot extends lease for Flatiron store
Hewlett Packard Enterprise Co. CEO Antonio Neri (Unsplash; Hewlett Packard Enterprise)

Hewlett Packard Enterprise leaves Silicon Valley for Texas

Hewlett Packard Enterprise leaves Silicon Valley for Texas
Convention centers are a losing proposition for private developers, but local governments see them as a way to attract business tourism. (iStock)

Convention centers boom despite shows going virtual

Convention centers boom despite shows going virtual
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...