Glendale-based Public Storage Inc., one of many largest operators of self-storage facilities within the U.S., formally expanded its market share because it finalized its acquisition of Merely Self Storage from Blackstone Actual Property Revenue Belief Inc. for $2.2 billion.
The acquisition encompasses 127 properties unfold throughout 18 states, including about 9 million sq. toes to Public Storage’s portfolio. These properties are situated primarily within the Solar Belt, a area of america that continues to dominate market development rankings because the nation eases out of the pandemic.
“We’re happy to welcome Merely’s group, prospects and third-party administration companions to Public Storage’s industry-leading model and platform,” stated Joe Russell, Public Storage’s chief govt.
This transfer aligns with Public Storage’s sample of aggressive enlargement by acquisitions and growth. Since Russell took the helm in 2019, the corporate has considerably elevated its actual property holdings by round 55 million web rentable sq. toes by $10.6 billion of investments in acquisitions, growth and redevelopment.
Notable previous acquisitions embody the acquisition of Texas-based All Storage for $1.5 billion and ezStorage for $1.8 billion, each described by Public Storage as “high-quality” self-storage portfolios.
Earlier this yr, Public Storage misplaced out on its hostile acquisition bid of Life Storage after the corporate took its $11 billion supply public in February. In the end, its rival Further House Storage Inc. received the bid in a $12.7 billion acquisition, making the deal’s victor the biggest self-storage firm in america by sq. footage below administration.
Blackstone benefitted drastically from the sale, realizing $600 million in revenue
Originally posted 2023-10-23 07:02:11.