(RTTNews) - Blackstone Group, Inc. (BX) has agreed to acquire Simply Self Storage from Canada's Brookfield Asset Management Inc. for about $1.2 billion, the Wall Street Journal reported.
The private-equity company's nontraded real-estate investment trust, known as BREIT, will buy Simply's more than 120 locations across 23 states with 8 million square-foot portfolio of self-storage facilities. The deal is expected to be announced Monday.
BREIT already owns 2.6 million square feet of self-storage facilities. The company reportedly plans to continue to acquire smaller assets in the industry and run them under the Simply brand.
Earlier this month, Bloomberg had reported that Brookfield was exploring a sale of the real estate company, which it acquired in 2016 for $830 million.
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