Blackstone REIT Completes Purchase of Simply Self Storage
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has completed its acquisition of Simply Self Storage.
Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), has completed its acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Brookfield acquired Simply Self Storage in 2016 for $830 million.
Simply Self Storage’s portfolio includes eight million square feet of self-storage facilities across the U.S., and with this acquisition, Blackstone REIT becomes the third largest non-traded owner of storage in the U.S.
The news follows the REIT’s recent purchase of a portfolio of 13 industrial facilities for $358 million from Iron Mountain (NYSE: IRM), a publicly traded firm focused on storage and information management services.
Investment bank Robert A. Stanger & Company reported last week that Blackstone REIT marked a major milestone in November with nearly $20.4 billion in cumulative fundraising, the most money ever raised by a single non-traded REIT.
Blackstone Real Estate Income Trust originally registered $5 billion in shares and accepted gross offering proceeds of $4.9 billion from January 1, 2017 to January 1, 2019. The company later registered a $12 billion follow-on offering, and as of mid-December 2020, had received $9.6 billion in investor proceeds.
As of November 30, 2020, the REIT owned a property portfolio valued at $34.8 billion and had positions in real estate-related securities and loans totaling $4.7 billion. The company invests in multifamily, industrial, hotel, and retail properties, and real estate-related securities and loans.
Blackstone REIT has updated its monthly net asset values for its shares of common stock for November, as reported by AltsWire.
