Blackstone Group Inc. BX -0.24% has struck a deal to purchase Merely Self Storage from Brookfield Asset Management Inc., BAM 0.06% betting on a sector that has remained robust all through the coronavirus pandemic.
The private-equity agency’s nontraded real-estate funding belief, often known as BREIT, is shopping for the eight million square-foot portfolio of self-storage amenities for about $1.2 billion, the 2 companies mentioned. The deal is predicted to be introduced Monday.
BREIT, which already owns 2.6 million sq. toes of self-storage amenities, plans to proceed to accumulate smaller property within the fragmented business and run them underneath the Merely model, in response to Tyler Henritze, head of acquisitions within the Americas for Blackstone’s real-estate group.