Brookfield looks to shed self-storage portfolio for $1.3B

Brookfield Asset Management is looking to shed a self-storage portfolio that spans 23 states.

The Canadian asset manager — the parent of Brookfield Property Partners — is looking for private suitors in order to offload Simply Self Storage for $1.3 billion, according to Bloomberg.

Brookfield purchased the storage company in 2016 and more than doubled its footprint from 90 locations to over 200 in two years. In 2018, it sold off a $1.3 billion portion of the company to a joint venture between National Storage Affiliates Trust and an affiliate of Heitman Capital Management.

Now, Simply Self Storage operates more than 120 locations across 23 states including Texas, Florida, New York and California.

Brookfield has also increased its investment in Simply Self Storage by more than twofold after its acquisition, Bloomberg reported, citing a 2019 investor presentation. [Bloomberg] — Georgia Kromrei