By Colin Kellaher Public Storage on Monday said it agreed to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion. Public Storage, a Glendale, Calif.,.
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Demand for storage space has waned from the heights of the pandemic, as people return to offices, and some analysts expect more consolidation in the sector. Public Storage, which owns more than 2,800 properties, will expand further through Simply's portfolio, which comprises 127 wholly-owned properties spread across 18 states and in highly populated markets. The sale will generate over $600 million in profit, Blackstone said.
Public Storage announced Monday an agreement to buy Simply Self Storage for $2.2 billion from Blackstone Inc. subsidiary Blackstone Real Estate Income Trust.
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