Simpson Thacher Advises Blackstone on Simply Self Storage Deal

Simpson Thacher & Bartlett said it advised Blackstone Real Estate Income Trust, Inc. on an approximately $1.2 billion deal aimed at making it one of the biggest owners self storage units in the country.

BREIT, which already owns a $300 million portfolio of self-storage facilities, is acquiring Simply Self Storage from a real estate asset fund of Brookfield Asset Management. Brookfield was advised by Fried, Frank, Harris, Shriver & Jacobson, according to a statement.

The deal, expected to close before year’s end, would make BREIT the third-largest non-listed owner of storage in the U.S., the statement said. Simply Self Storage ...