Find Local Storage

 
Shurgard Self Storage Europe Expands Paris Portfolio Through Management, Acquisitions
Shurgard operates 231 self-storage facilities comprising 1.2 million net rentable square meters

October 16, 2019: Shurgard Self Storage Europe SARL has signed an agreement with France self-storage operator Flexistockage to manage its four-property portfolio. Shurgard Self Storage is the European affiliate of U.S.-based real estate investment trust Public Storage Inc.   The four-property portfolio serves the Paris metropolitan market and comprises 20,400 square meters in 2,885 units. All four will be rebranded as Shurgard. The company also signed its intent to acquire two of the facilities early next year.

Shurgard will acquire facilities comprise 2,500 square meters in 600 units at Central Paris and 5,900 square meters in 690 units at Villepinte. The company also have first right of refusal to buy the location in Argenteuil, which comprises 8,000 square meters in 945 units. It’s the largest facility in the Paris market. The fourth facility located at Clichy, encompasses 4,000 square meters in 650 units. The deal expands the Shurgard footprint in Greater Paris to 40 owned and managed facilities. 

We are excited to work closely with Flexistockage, one of the few multi-site self-storage players in the Paris region. This deal supports our growth strategy, which includes targeted acquisitions, such as the four new properties in the Paris metropolitan area. France, and especially Paris, has always been a strong and stable market for Shurgard.” Said by Marc Oursin, CEO of Shurgard.

Shurgard operates 231 self-storage facilities comprising 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom. Its network serves 150,000 customers and employs more than 700 people. Shurgard is listed on Euronext Brussels under the symbol “Shur.”

Public Storage based in Glendale, California. It has interests in 2,456 self-storage facilities in 38 states, with approximately 166 million net rentable square feet. Public Storage holds a 35 percent interest in Shurgard.


Source:  www.insideselfstorage.com/europe/shurgard-self-storage-europe-expands-paris-portfolio-through-management-acquisitions