Public Storage Affiliate Shurgard Prices IPO at Low End Amid Market Turmoil

By Adam Clark

Public Storage (PSA)'s affiliate Shurgard Self Storage Europe S.A. (SHUR.BT) has priced its initial public offering at the bottom of its price range, valuing the European company at 2.04 billion euros ($2.70 billion).

Shurgard said it will issue new shares at EUR23.00 each, raising up to EUR575 million. The company had previously said it would place shares at between EUR23 and EUR28. Trading of the company's shares will begin on Euronext Brussels on Monday.

Europe's largest provider of self-storage for consumers and small businesses, Shurgard is currently 49% owned by Public Storage.

The low-end pricing comes as volatile equity markets shake investor appetite for IPOs. Dutch leasing-fleet manager LeasePlan said Thursday that it had cancelled its plans to list, citing market conditions. In London, luxury-car maker Aston Martin Lagonda (AML.LN) and peer-to-peer lender Funding Circle Holdings PLC (FCH.LN) have both seen their shares drop below their recent IPO prices.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

October 12, 2018 04:48 ET (08:48 GMT)

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