NEW YORK: Blackstone Real Estate Income Trust (BREIT) has completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion, a news release said.

Simply Self Storage’s high-quality portfolio comprises eight million square feet across the U.S. With this acquisition, BREIT becomes the third largest non-listed owner of storage in the U.S.

Simpson Thacher & Bartlett LLP served as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. served as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc., and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield.

Brookfield acquired Simply Self Storage in 2016 in one of its opportunistic real estate funds. Since that time, Brookfield more than doubled the size of the company and helped transform the business into a fully-integrated institutional platform.

Simply Self Storage has a robust talent base and leading technology and processes across its facilities, including revenue management and digital marketing.

More than 90% of BREIT’s real estate investments are in multifamily, industrial, and net leased assets. BREIT has approximately $3.6 billion of immediate liquidity to execute on acquisitions of high-quality assets.

Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors.

BREIT invests in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $174 billion in investor capital under management. www.breit.com