Published On: Wed, Dec 23rd, 2020

Blackstone Real Estate Acquires Simply Self Storage for $1.2 Billion

Blackstone Property Partners Life Sciences buys lab office buildings for $3.45 billion.

Blackstone Real Estate Income Trust, Inc. (“BREIT”) 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 portfolio comprises eight million square feet across the U.S. with over 100 operating self-storage facilities. Founded in 2003 by Kurt O’Brien, Simply Self Storage is headquartered in Orlando, Florida and has self-storage facilities in Alabama, California, Florida, Georgia, Illinois, Indiana, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Texas, Virginia, and Washington.

With this acquisition, BREIT becomes the third largest non-listed owner of storage in the U.S.

The move comes just weeks after Blackstone acquired a portfolio from storage company Iron Mountain for $328 million. The Iron Mountain assets acquired by Blackstone include 13 properties located in California, Northern New Jersey, and the Lehigh Valley. These properties cover 122 acres of infill land and offer 2.1 million acres of square feet.

In other Blackstone news the private equity player has completed another acquisition which make it one of the largest life sciences office owners in Cambridge, Massachusetts. According to the company’s Blackstone Property Partners Life Sciences bought a portfolio of lab office buildings from a real estate fund belonging to Toronto Stock Exchange-listed alternative asset management company Brookfield Asset Management for $3.45 billion. The portfolio holds 2.3 million-square feet of space.

Blackstone Life Sciences launched just two years ago. BioMed Realty will now have an approximate enterprise value of $20 billion.

“This transaction illustrates Blackstone’s continued conviction in the life sciences space both broadly, and within real estate, investing in best-in-class assets located adjacent to top-tier research and education institutions,” said Blackstone’s head of real estate in the Americas, Nadeem Meghji, in a statement.

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