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Public Storage completed the acquisition of Simply Self Storage from BREIT for $2.2bn.

Announced

Completed

Transaction Tags

  • United States
  • self-storage
  • Storage Facilities
  • Acquisition
  • Private
  • Private Equity
  • Majority
  • Domestic
  • Friendly
  • Single Bidder
  • Completed

Synopsis

Public Storage, an American international self storage company headquartered in Glendale, California, completed the acquisition of Simply Self Storage, a privately owned self-storage company in the United States, from BREIT, a real estate investment trust company, for $2.2bn. "We are pleased to welcome Simply’s team, customers, and third-party management partners to Public Storage’s industry-leading brand and platform. This acquisition reflects the continued execution of our multi-factor external growth platform, which includes acquisitions, development, redevelopment, expansion, and third-party management. We are pleased to complete this important transaction with Blackstone, which further demonstrates our position as an acquirer of choice in the industry. Blackstone has done a tremendous job of growing and improving the quality and operations of the Simply portfolio over the past few years," Joe Russell, Public Storage CEO.

Sources

Press Release

Public Storage

Completion Announcement

Public Storage

Transaction Value

£1,711m

Consideration Type

Cash

Capital Owned

+ Add

Capital bid for

100%

EV/Sales

+ Add

EV/EBITDA

+ Add

Share Price Premium

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Service Providers (11)Dealmakers
Eastdil Secured

financial advisors

Eastdil Secured

Wachtell Lipton Rosen & Katz

legal advisors

Wachtell Lipton Rosen & Katz

Hogan Lovells

legal advisors

Hogan Lovells

Kekst Cnc

pr advisors

Kekst Cnc

Wells Fargo Securities

financial advisors

Wells Fargo Securities

Newmark Group

financial advisors

Newmark Group

Bmo Capital Markets

financial advisors

Bmo Capital Markets

Sumitomo Mitsui Banking Corp

financial advisors

Sumitomo Mitsui Banking Corp

Simpson Thacher & Bartlett

legal advisors

Simpson Thacher & Bartlett

Joele Frank

pr advisors

Joele Frank

Citigroup

financial advisors

Citigroup

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