The acquisitions are the first in this year for Shurgard
July 3, 2018: Shurgard Self Storage Europe SARL, the European affiliate of USA based real estate investment trust (REIT) Public Storage Inc., has agreed to by five Pelican Self Storage facilities in Sweden.
The deal was expected to close with Shurgard taking over the properties on July 1. All five assets will be rebranded under the Shurgard name, increasing the operator’s presence in Sweden to 36 locations. Two of the facilities are in ?sterg?tland, with one each in ?rebro, Stockholm and V?stmanland, according to a press release.
“Sweden has always been a strong and stable market for Shurgard,” said Marc Oursin, CEO. “We are pleased to reinforce our presence and coverage in this country, which allows us to offer convenient, accessible and cost-efficient storage solutions to more people.”
The company announced earlier this month that it’s considering an initial public offering. Public Storage acquired Shurgard Storage Centers Inc. in August 2006. In March 2008, the REIT sold 51 percent of its interest to an institutional investor and now acts as the managing member of the joint venture.
Once the deal is complete, Shurgard will own and operate 227 self-storage facilities with more than 12 million net rentable square feet in Belgium, Denmark, France, Germany, The Netherlands, Sweden and in the United Kingdom
Based in Glendale, California, Public Storage also has interests in 2,392 self-storage facilities in 38 states, with approximately 159 million net rentable square feet.