By Colin Kellaher

Public Storage on Monday said it agreed to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.

Public Storage, a Glendale, Calif., real-estate investment trust, said the acquired portfolio includes 127 wholly-owned properties and 9 million net rentable square feet across 18 states, with roughly 65% of the properties are located in high-growth Sunbelt markets.

The company said it expects to complete the acquisition in the third quarter.

Public Storage, which acquires, develops, owns and operates self-storage facilities, had stakes in 2,877 facilities in 40 states, with about 205 million net rentable square feet, in the U.S. as of March 31.

Blackstone Real Estate Income Trust, known as BREIT, is a real-estate vehicle aimed at individual investors that is externally managed by a unit of private-equity firm Blackstone.

BREIT acquired Simply Self Storage in late 2020 from a Brookfield Asset Management real-estate fund for about $1.2 billion.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 24, 2023 07:37 ET (11:37 GMT)

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