Public Storage To Buy Blackstone REIT's Asset For $2.2B, Boosting Sunbelt Presence
Portfolio Pulse from Lekha Gupta
Public Storage (NYSE:PSA) has agreed to acquire Simply Self Storage from Blackstone Inc's (NYSE:BX) Blackstone Real Estate Income Trust, Inc. (BREIT) for $2.2 billion. The portfolio includes 127 properties and 9 million net rentable square feet, with 65% of the assets in high-growth Sunbelt markets. The deal is expected to close in Q3 2023.
July 24, 2023 | 1:24 pm
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Blackstone Inc's BREIT is selling Simply Self Storage to Public Storage for $2.2 billion.
The sale of Simply Self Storage could provide Blackstone with a significant cash inflow, but it's unclear how this will impact the company's overall strategy and performance.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
The acquisition of Simply Self Storage from BREIT for $2.2 billion will boost Public Storage's presence in high-growth Sunbelt markets.
The acquisition will increase Public Storage's portfolio and presence in high-growth markets, which could potentially increase its revenues and profitability in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100