Hogan Lovells guides Public Storage in US$2.2 billion Simply Self Storage acquisition
Washington, D.C., 25 July 2023 – A team from global law firm Hogan Lovells has guided Public Storage in tax and on SEC reporting aspects of the company’s US$2.2 billion definitive agreement to acquire Simply Self Storage from Blackstone Real Estate Income Trust.
The Simply Self Storage portfolio comprises 127 wholly-owned properties and 9 million net rentable square feet that are geographically diversified across 18 states and located in markets with population growth that has been approximately double the national average since 2018. Since 2019, Glendale, California-based Public Storage has expanded its portfolio by approximately 55 million net rentable square feet, or 34%, through US$10.6 billion of acquisitions, development, and redevelopment, including Simply and additional properties previously announced as under contract.
Hogan Lovells worked alongside co-counsel Wachtell, Lipton, Rosen & Katz, primarily advising on taxation, under a team led by partner Cristina Arumi.
Additionally, a team led by partner Michael McTiernan assisted with SEC financial reporting and disclosure considerations and acted as counsel on the US$2.2 billion bond offering to finance the acquisition.
Public Storage [PSA] is a long-standing client of the firm.
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