Glendale, CA-based Public Storage’s affiliate, Shurgard Self Storage Europe S.a.r.l., is considering an initial public offering. Public Storage acquired its interest in Shurgard in August 2006 through the acquisition of Shurgard Storage Centers Inc.
In March 2008, Public Storage sold 51% of its interest in Shurgard to an institutional investor. Public Storage acts as the managing member of the joint venture.
“Shurgard began developing European self-storage properties in 1995. It currently owns and operates over 220 self-storage facilities with over 12 million net rentable square feet located in Belgium, Denmark, France, Germany, Netherlands, Sweden and in the U.K.,” said Ron Havner, Chairman and Chief Executive Officer of Public Storage.
“We believe the European market presents excellent growth opportunities,” added Havner. Public Storage, a member of the S&P 50 0 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At March 31, 2018, the REIT had interests in 2,392 self-storage facilities located in 38 states with approximately 159 million net rentable square feet in the United States and 223 storage facilities located in seven Western European nations with approximately 12 million net rentable square feet operated under the “Shurgard” brand.
The company also own a 42% common equity interest in PS Business Parks Inc., which owned and operated approximately 28 million rentable square feet of commercial space at March 31, 2018.