Blackstone to buy Simply Self Storage from Brookfield for US$1.2 billion

TORONTO — Blackstone Real Estate Income Trust Inc. says it has signed a deal to buy Simply Self Storage from a Brookfield Asset Management real estate fund for approximately US$1.2 billion.

Simply Self Storage has a portfolio totalling about 750,000 square metres across the U.S.

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Blackstone says the deal will add to the trust's portfolio of self-storage facilities and make it the third largest non-listed owner of storage in the U.S.

Brookfield acquired Simply Self Storage in 2016.

The deal is expected to close before the end of the year, subject to certain customary closing conditions.

Brookfield Asset Management has approximately US$550 billion in assets under management.

This report by The Canadian Press was first published Oct. 26, 2020.

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