Stock Market News

Public Storage to acquire Simply Self Storage for $2.2 billion

2023.07.24 08:31


© Reuters. The sign outside the Public Storage facility is pictured in Westminster, Colorado, U.S. February 22, 2017. REUTERS/Rick Wilking

(Reuters) -Self-storage operator Public Storage (NYSE:) said on Monday it has entered a deal to buy Simply Self Storage from Blackstone (NYSE:) Real Estate Income Trust (BREIT) for $2.2 billion, as it looks to expand its market presence.

Demand for storage space has waned from the heights of the pandemic, as people return to offices, and some analysts expect more consolidation in the sector.

Public Storage, which owns more than 2,800 properties, will expand further through Simply’s portfolio, which comprises 127 wholly-owned properties spread across 18 states and in highly populated markets.

“Approximately 65% of the (127) properties are located in high-growth Sunbelt markets,” the companies said in a joint statement.

The sale will generate over $600 million in profit, Blackstone said. The deal is expected to close in the third quarter of 2023.

Earlier this year, California-based Public Storage made a hostile bid to acquire smaller rival Life Storage (NYSE:). But in April, real estate investment trust Extra Space Storage (NYSE:) announced a $12.7 billion deal with Life Storage.

Simply’s sale comes as Blackstone is facing a flurry of redemption requests from its real estate income trust.

The private equity firm has been exercising its right to block investor withdrawals from BREIT since November last year after requests exceeded a preset 5% of the net asset value of the fund.

Eastdil Secured served as financial adviser to Public Storage, whereas Wells Fargo (NYSE:) and Newmark Group (NASDAQ:) acted as lead financial advisers to BREIT.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 75,941.35 0.09%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,905.17 2.10%
tether
Tether (USDT) $ 0.999892 0.20%
solana
Solana (SOL) $ 196.98 1.69%
bnb
BNB (BNB) $ 590.39 1.35%
usd-coin
USDC (USDC) $ 0.999466 0.03%
xrp
XRP (XRP) $ 0.545419 1.15%
staked-ether
Lido Staked Ether (STETH) $ 2,900.65 1.95%
dogecoin
Dogecoin (DOGE) $ 0.192212 0.72%
cardano
Cardano (ADA) $ 0.440751 12.72%
tron
TRON (TRX) $ 0.1608 0.24%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,456.37 2.51%
the-open-network
Toncoin (TON) $ 4.86 1.06%
avalanche-2
Avalanche (AVAX) $ 27.66 0.35%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,873.33 0.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.77%
weth
WETH (WETH) $ 2,912.37 2.48%
chainlink
Chainlink (LINK) $ 13.07 4.77%
bitcoin-cash
Bitcoin Cash (BCH) $ 366.38 4.37%
sui
Sui (SUI) $ 2.22 4.17%
polkadot
Polkadot (DOT) $ 4.26 2.88%
leo-token
LEO Token (LEO) $ 6.36 1.57%
usds
USDS (USDS) $ 0.994667 1.48%
litecoin
Litecoin (LTC) $ 71.50 0.54%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,058.80 2.09%
uniswap
Uniswap (UNI) $ 8.65 5.18%
near
NEAR Protocol (NEAR) $ 4.19 0.67%
aptos
Aptos (APT) $ 9.49 2.31%
pepe
Pepe (PEPE) $ 0.00001 0.35%
internet-computer
Internet Computer (ICP) $ 7.99 3.14%
bittensor
Bittensor (TAO) $ 490.18 5.66%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.36 4.62%
dai
Dai (DAI) $ 1.00 0.11%
monero
Monero (XMR) $ 165.20 0.33%
stellar
Stellar (XLM) $ 0.100348 0.37%
ethereum-classic
Ethereum Classic (ETC) $ 19.90 0.61%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.379914 10.39%
crypto-com-chain
Cronos (CRO) $ 0.108442 21.72%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.12%
whitebit
WhiteBIT Coin (WBT) $ 19.61 1.17%
kaspa
Kaspa (KAS) $ 0.107287 9.68%
aave
Aave (AAVE) $ 178.83 3.70%
blockstack
Stacks (STX) $ 1.62 3.33%
okb
OKB (OKB) $ 40.16 0.47%
first-digital-usd
First Digital USD (FDUSD) $ 0.999325 0.14%
arbitrum
Arbitrum (ARB) $ 0.57608 0.34%
filecoin
Filecoin (FIL) $ 3.81 1.31%
dogwifcoin
dogwifhat (WIF) $ 2.23 6.15%
injective-protocol
Injective (INJ) $ 22.27 3.61%