Monday, October 26th, 2020
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Blackstone Real Estate Income Trust has entered into a definitive agreement to acquire Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage is one of the top five private owners of self-storage and operates a portfolio totaling eight million square feet across the US. BREIT currently owns a $300 million portfolio of self-storage facilities, and following this acquisition, BREIT will be the third largest non-listed owner of storage in the US.
The acquisition adds some diversity to BREIT’s income-generating real estate, which is heavily weighted towards logistics and multifamily assets.
BREIT CEO Frank Cohen says Simply Self Storage “has significant potential for growth through future acquisitions in a highly fragmented sector, and similar to logistics, self-storage is a resilient sector through economic cycles because of low tenant turnover, minimal maintenance costs and stable cash flows.”
The self-storage sector is dominated by
Few things give new home buyers peace of mind about their real estate purchase as much as a solid home insurance policy. This ensures that if disaster strikes—in the form of a tornado, house fire, or otherwise—homeowners won’t be on the hook to foot the bill for expensive repairs on their own.
Exactly what does home insurance cover, though? Are there any key things homeowners might assume are covered that actually aren’t?… Read More