Blackstone Real Estate Investment Trust has sold its Simple Self Storage business to New York-listed Public Storage for $2.2bn (£1.7bn).
The portfolio comprises 127 wholly-owned assets spanning some 9m sq ft in 18 states across America.
Public Storage’s portfolio extends to 205m sq ft of lettable space across more than 2,800 self-storage facilities across 40 states in America. It has a further 15m sq ft of space in 266 assets in Western Europe.
The group has expanded its portfolio by 55m sq ft since 2019, spending more than $10bn on acquisitions and development projects.
Eastdil Secured advised Public Storage; Wells Fargo and Newmark Group acted for BREIT.
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