(Reuters) – Blackstone Group Inc BX.N has reached an agreement to buy Simply Self Storage from Canada’s Brookfield Asset Management Inc BAMa.TO for about $1.2 billion, a spokeswoman for the asset manager said late on Sunday.
Blackstone’s non-traded real-estate investment trust, known as BREIT, is acquiring the 8 million-square-foot portfolio of self-storage facilities, the spokeswoman said, confirming an earlier report from the Wall Street Journal.
Bloomberg reported earlier this month that Brookfield was exploring a sale of the real estate company.
The Canadian company acquired Simply Self Storage for $830 million in 2016 when it had 90 locations.
The self-storage facilities provider now operates more than 120 locations across 23 U.S. states, including Texas, Florida, New York and California, according to its website.
BREIT, which was launched in 2017 and has a net asset value of $19 billion, plans to continue to buy smaller assets in the fragmented industry and