Brookfield Asset Management Inc. (BAM), a global asset manager with large investments in commercial real estate, is exploring the sale of its remaining Simply Self Storage (SSS) properties. The company has fielded interest from prospective buyers on its 124-facility SSS portfolio, which could command a sales price of $1.3 billion, according to a report from Bloomberg.
SSS operates in 23 states, according to its website. The company ranked on both of the Inside Self-Storage 2020 Top Operators Lists, placing at No. 15 on the list of 100 facility owners and No. 21 on the list of 50 facility-management companies. It reported a portfolio of owned and managed properties comprising more than 10.3 million net rentable square feet.
BAM acquired SSS in 2016 and sold 112 facilities in 2018 to a joint venture between real estate investment trust (REIT) National Storage Affiliates Trust (NSAT) and an affiliate of Heitman Capital Management LLC for $1.325 billion. Since taking over the brand, BAM has more than doubled its initial investment, Bloomberg reported.
BAM has $550 billion in assets under management, according to its website. It owns and operates assets with a focus on infrastructure, private equity, property and renewable energy. The company offers a range of public and private investment products and services, and is co-listed on the New York, Toronto and Euronext stock exchanges.
Bloomberg, Brookfield Explores $1.3 Billion Sale of Simply Self Storage