Public Storage is buying Blackstone Actual Property Revenue Belief’s Merely Self Storage for $2.2 billion.
The deal will add 127 wholly owned properties and 9 million web rentable sq. ft to Public Storage’s portfolio. About 65% of the properties are positioned in high-growth Sunbelt markets.
The acquisition is anticipated to shut on this 12 months’s third quarter.
The anticipated transaction is one other signal of the self-storage sector present process consolidation. Earlier this month Further House Storage and Life Storage closed on their $12.4 billion beforehand introduced merger. The mixed firm is now the most important storage operator within the nation with greater than 3,500 places, 270 million sq. ft of rentable space for storing and greater than 2 million prospects. The mixed agency can also be among the many largest REITs within the MSCI U.S. REIT Index with a worth of about $46 billion.
Since 2019, Public Storage has expanded its portfolio by about 55 million web rentable sq. ft or 34% via $10.6 billion of acquisitions, improvement and redevelopment. “This acquisition displays the continued execution of our multi-factor exterior development platform, which incorporates acquisition, improvement, redevelopment, enlargement, and third-party administration,” stated CEO Joe Russell.
