Public Storage PSA, +0.53% has announced a deal to purchase Simply Self Storage from Blackstone Inc. BX, +0.12%, whose subsidiary Blackstone Real Estate Income Trust Inc. is responsible for the transaction. The self-storage facility real estate investment trust purchased 127 properties with 9 million rentable sq. ft. in 18 states. 65% of these properties are located in Sunbelt areas. Blackstone stated that the sale of Simply Self Storage would generate more than 600 million dollars in profit. The deal should close during the third quarter 2023. Joe Russell, Public Storage’s Chief Executive, said that the acquisition was a continuation of their multi-factor growth strategy, which included acquisitions, development and redevelopment as well as third-party management. Public Storage shares were little changed during premarket trading. Blackstone shares rose 0.6%, and futures SPX ES00, -0.33% of the S&P500 -0.38% gained 0.1%.