Shurgard operates 252 self-storage facilities comprising 1.3 million net rentable square meters
November 23, 2021: Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has made a public cash offer to the shareholders of 24Storage AB in its bid to acquire the Swedish self-storage operator.
Shurgard has offered SEK 72 per share, valuing all outstanding shares at approximately SEK 1.08 million. If approved, the acquisition would add 27 facilities comprising 71,000 square meters to the Shurgard portfolio.
The share offer is 16.5% higher than the closing price of 24Storage shares on Nov. 19. It’s conditional based on acceptance by 90% of shareholders and approval by regulatory authorities. It excludes shareholders based in Australia, Canada, Hong Kong, Japan, New Zealand, South Africa and Switzerland.
Founded in 2015, 24Storage is traded in Sweden on the Nasdaq First North Growth Market. Shareholders have until Dec. 15 to accept the offer, which was unanimously recommended by the 24Storage Bid Committee. If approved, the transaction is expected to close on Dec. 22, the release stated.
“We are committed to growing Shurgard’s portfolio in Sweden with a high-quality self-storage proposition for local customers. The acquisition of 24Storage complements our existing position and enhances our Pan-European strategy,” said Marc Oursin, Shurgard CEO. “Through this transaction, we create a larger, scalable and environmentally stable and efficient portfolio. Our intention is to combine expertise and continue to grow, with our offer reflecting an attractive value proposition to customers and shareholders.”
Sweden is Shurgard’s third largest market but has the highest brand awareness, Shurgard officials said. The deal would expand the company’s presence in Sweden to 63 facilities comprising approximately 250,000 rentable square meters.