Deals
Blackstone Sells Storage Business as BREIT Faces Withdrawals
- Public Storage will buy Simply Self Storage for $2.2 billion
- BREIT expects to generate more than $600 million in profit
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Blackstone Inc.’s $68 billion real estate trust agreed to sell Simply Self Storage to Public Storage for $2.2 billion as the property vehicle grapples with investor withdrawals and upheaval in the commercial-property sector.
Blackstone Real Estate Income Trust will sell the self-storage business, the companies said Monday in a statement. The deal, expected to close in the third quarter, will result in more than $600 million in profit for BREIT, Blackstone said.