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Blackstone Real Estate Income Trust to Acquire Simply Self Storage for $1.2 Billion

10.26.20

Simpson Thacher is representing Blackstone Real Estate Income Trust, Inc. (“BREIT”) in its agreement to acquire Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage is one of the top five private owners of self-storage and operates a portfolio totaling eight million square feet across the U.S.

This transaction supplements the $300 million portfolio of self-storage assets already owned by BREIT. Following the acquisition, BREIT will be the third largest non-listed owner of storage in the U.S. The transaction is expected to close prior to the end of 2020.

The Simpson Thacher team includes Greg Ressa, Davis Coen, Rachel Stein, Amy Oster and Nick Draeger (Real Estate); Matt Rogers and Jun Won Kim (M&A); Nancy Mehlman and Stefan Golubovic (Tax); Andrew Blau, Jeanne Annarumma and Caitlin Fitzgerald (ECEB); Lori Lesser and Kate Mirino (IP); Adeeb Fadil (Environmental); and Benjamin Wells and Eva Kang (Funds).