Newmark Group recently served as Co-Lead Advisor to Blackstone Real Estate Income Trust in the sale of Simply Self Storage to Public Storage for $2.2 billion. Aaron A. Swerdlin, Vice Chairman and leader of Newmark’s Capital Markets National Self Storage practice, and his team provided advisory services for the transaction.
The portfolio sold consisted of 127 wholly-owned properties spread across 18 states with a total net rentable square footage of 9 million; located primarily in Sunbelt regions experiencing significant population growths. To fund the acquisition, Public Storage utilized senior unsecured notes expecting accretion to FFO per share once stabilized.
Commenting on this successful transaction, Swerdlin said “Self-storage is an asset class that continues to perform even amidst current challenging capital markets environment” demonstrating its resilience during difficult times like these ones we are currently facing globally due its essential nature within our communities today more than ever before..
