⁍ Blackstone Group Inc has reached an agreement to buy Simply Self Storage from Canada’s Brookfield Asset Management Inc.

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⁍ Blackpool’s non-traded real-estate investment trust is acquiring the 8 million-square-foot portfolio of self-storage facilities.

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⁍ The self-storage facilities provider now operates more than 120 locations across 23 U.S. states, including Texas, Florida, New York and California.

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– The Blackstone Group has agreed to buy Simply Self Storage from Canada’s Brookfield Asset Management for $1.2 billion, the Wall Street Journal reports. According to Reuters, Blackstone’s BREIT, a non-traded real-estate investment trust, will buy Simply Self Storage’s 8 million-square-foot portfolio of self-storage facilities, which include more than 120 locations in 23 states. Simply Self Storage was acquired by Brookfield for $830 million in 2016. The self-storage facilities provider now operates more than 120 locations. BREIT, which was launched in 2017 and has a net asset value of $19 billion, plans to continue to buy smaller assets in the fragmented industry and run them under the Simply brand, Tyler Henritze, head of acquisitions in the Americas for Blackstone’s real-estate group, was quoted as saying by the Journal earlier on Sunday. Self storage has remained resilient through economic cycles, evident more so during the COVID-19 pandemic as people no longer tied to office locations have moved out of cities or gone to stay with relatives, Henritze said.