Blackstone Real Estate Income Trust Completes Acquisition of Simply Self Storage for Approximately $1.2 Billion

Rhea-AI Summary

Blackstone Real Estate Income Trust (BREIT) has successfully acquired Simply Self Storage from a Brookfield Asset Management fund for approximately $1.2 billion. This acquisition adds eight million square feet of high-quality storage space across the U.S., positioning BREIT as the third largest non-listed storage owner in the country. Notably, the transaction was first announced on October 26, 2020. BREIT, an institutional quality real estate investment platform, focuses on stabilized income-generating U.S. commercial real estate.

Positive

• Acquisition of Simply Self Storage enhances BREIT's portfolio with eight million square feet of U.S. storage space.
• BREIT now ranks as the third largest non-listed owner of storage in the U.S., potentially increasing revenue streams.
• Strategic move aligns with BREIT's focus on income-generating commercial real estate.

Negative

• None.

Blackstone Real Estate Income Trust, Inc. ("BREIT”) today announced that it has completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage’s high-quality portfolio comprises eight million square feet across the U.S. With this acquisition, BREIT becomes the third largest non-listed owner of storage in the U.S.¹

Simpson Thacher & Bartlett LLP served as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. served as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc., and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield.

The transaction was announced on October 26, 2020.

Blackstone Real Estate Income Trust 

Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $174 billion in investor capital under management. Further information is available at www.breit.com.

¹ Includes private owners and non-listed REITs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201218005689/en/

FAQ

What was the value of the Simply Self Storage acquisition by Blackstone Real Estate Income Trust (BX)?

The acquisition was valued at approximately $1.2 billion.

When was the acquisition of Simply Self Storage announced?

The acquisition was announced on October 26, 2020.

How many square feet does Simply Self Storage's portfolio cover?

Simply Self Storage's portfolio comprises eight million square feet across the U.S.

What position does BREIT hold in the U.S. storage market after the acquisition?

BREIT becomes the third largest non-listed owner of storage in the U.S.