BREIT to acquire Simply Self Storage from Brookfield for $1.2bn.

Blackstone Real Estate Income Trust, a perpetual-life, institutional quality real estate investment platform, agreed to acquire Simply Self Storage, a self-storage company, from Brookfield, for $1.2bn. “This transaction is a complementary addition to BREIT’s high-quality portfolio of income-generating real estate, which is heavily weighted towards logistics and multifamily primarily in growth markets. Simply Self Storage is a best-in-class company with significant potential for growth through future acquisitions in a highly fragmented sector, and similar to logistics, self-storage is a resilient sector through economic cycles because of low tenant turnover, minimal maintenance costs and stable cash flows. We look forward to continuing to acquire high quality assets on behalf of our BREIT investors," Frank Cohen, BREIT Chairman and CEO.