Public Storage Inc. Acquires Simply Self Storage Portfolio For $2.2B

Public Storage Inc. has acquired Simply Self Storage Portfolio for $2.2 billion in a recent transaction. The portfolio consists of 127 properties located in 18 states across the United States, with a total area of around 9 million square feet. This acquisition significantly expands Public Storage's presence, mainly in the Sun Belt region. The deal aligns with Public Storage's aggressive growth strategy through acquisitions and follows their previous bids for Life Storage.

Summary of transaction details

• Property Type: Self Storage
• Transaction Amount: $2,200,000,000
• Address: Simply Self Storage Portfolio
• Market: United States
• Buyer: Public Storage Inc. - Joe Russell
• Seller: Blackstone Real Estate Income Trust Inc - Stephen A. Schwarzman
• Square Footage: 9,000,000
• Price Per Square Foot: $244

This transaction was facilitated by Joe Russell from Public Storage Inc. as the buyer's representative and Stephen A. Schwarzman from Blackstone Real Estate Income Trust Inc. as the seller's representative. Public Storage's acquisition of Simply Self Storage, with its strategic expansion into the Sun Belt region, represents a significant move in the self-storage market. With this deal, Public Storage strengthens its portfolio and positions itself for further growth in the industry.