Warehouse operator Public Storage to acquire rival Simply Self Storage for $2.2 billion

Warehouse operator Public Storage said on Monday it had closed a deal to buy Simply Self Storage from Blackstone Real Estate Income Trust for $2.2 billion.

Demand for warehouse space has declined since the peak of the pandemic as people return to offices and some analysts expect more consolidation in the sector.

The acquisition reflects Public Storage's continued execution of its opportunistic growth strategy, the company said, adding that it will strengthen its presence in high-growth markets.

The deal is expected to close in the third quarter of 2023.