\nPrivate equity behemoth Blackstone has taken out a $2.73 billion loan to finance its acquisition of PS Business Parks, public mortgage documents show.<\/p>\n
Blackstone, one of the country\u2019s largest investment managers, paid $7.6 billion earlier this month for the Glendale, Calif.-based REIT whose portfolio spans 93 properties, serving approximately 4,800 tenants in 27 million square feet of space as of June. The national portfolio includes a range of industrial, office and flex properties in California, Texas, Northern Virginia and Miami, among other places.<\/p>\n
Nearly a quarter of the properties, 24 percent, are in Florida. The total collateral tied to the acquisition stands at $4.2 billion, which makes just over $1 billion attributable to Florida properties, per the mortgage document.<\/p>\n
The loan was issued by a consortium of banks, including Bank of America, Morgan Stanley, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale as well as the real estate arms of CitiBank and Barclays.<\/p>\n
Self storage provider Public Storage, which is PSB\u2019s largest shareholder, agreed to vote in favor of the acquisition, which was announced in April and closed July 20.<\/p>\n
As remote work from abroad took off and evictions rose, the self storage asset class thrived during the pandemic \u2014 a trend that\u2019s likely to continue.<\/p>\n
The average rent of 10-foot-by-10-foot standard and climate-controlled self storage units increased by 8 percent and 9.5 percent, respectively, annually in April, according to a report by Yardi Matrix, which tracks nearly 29,000 multiunit self storage properties in major markets nationwide.<\/p>\n
The April figures far outpaced those of 2018 and 2019, suggesting that self-storage rates could grow even more.<\/p>\n
For Blackstone, the PS Business Parks acquisition is the latest in a string of purchases. In April, it agreed to buy student-housing operator American Campus Communities for nearly $13 billion. Last year, the investor paid $2.8 billion for a portfolio of 124 logistics properties in the United States and Europe.<\/p>\n","protected":false},"excerpt":{"rendered":"
Private equity behemoth Blackstone has taken out a $2.73 billion loan to finance its acquisition of PS Business Parks, public mortgage documents show. Blackstone, one of the country\u2019s largest investment managers, paid $7.6 billion earlier this month for the Glendale, Calif.-based REIT whose portfolio spans 93 properties, serving approximately 4,800 tenants in 27 million square feet of space as of June. The national portfolio includes a range of industrial, office and flex properties in California, Texas, Northern Virginia and Miami, among other places. Nearly a quarter of the properties, 24…<\/p>\n","protected":false},"author":7,"featured_media":530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2426"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=2426"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2426\/revisions"}],"predecessor-version":[{"id":2427,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2426\/revisions\/2427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/530"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=2426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=2426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=2426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}