Blackstone Considers Selling Western Australia Self-Storage Portfolio

Private-equity giant Blackstone Inc. is reportedly preparing to sell its self-storage portfolio in Western Australia, seeking around $200 million.

Roughly 20 companies have expressed interest, including BlackRock Inc., which entered the self-storage market earlier this year with its $400 million acquisition of StoreLocal, and Kennards Self Storage, operator of 126 facilities across Australia and New Zealand.

The offering includes five KeepSafe Storage facilities that Blackstone acquired when it entered the Australian market in 2021. Later that same year, the firm expanded its presence with the $400 million purchase of 11 Fort Knox Self Storage properties across Melbourne. Although those Fort Knox assets were once considered for sale, they have since been withdrawn from the market.

CBRE is handling the sale on Blackstone’s behalf.

Headquartered in New York, Blackstone is a leading alternative asset manager with more than $1.2 trillion in assets under management. Its global investment strategies span credit, growth equity, hedge funds, infrastructure, life sciences, private equity, real assets, real estate, and secondaries.