Public Storage’s Affiliate, Shurgard Self Storage SA, Completes its Initial Global Offering
October 16 2018 - 5:43PM
Business Wire
Public Storage (NYSE:PSA) announced today that its affiliate,
Shurgard Self Storage SA (“Shurgard”), has completed its Initial
Global Offering (the “Offering”). Trading of Shurgard shares
commenced on the regulated market of Euronext Brussels under the
“SHUR” symbol on Monday, October 15, 2018.
Shurgard is the largest owner and operator of self-storage
facilities in Europe with 229 self-storage centers and
approximately 12 million net rentable square feet in seven
countries: the Netherlands, France, Sweden, the United Kingdom,
Belgium, Germany and Denmark. Shurgard’s European network currently
serves 150,000 customers and employs over 700 people. Public
Storage acquired its interest in August 2006 through the
acquisition of Shurgard Storage Centers, Inc.
The final offer price was set at €23 per share at an implied
market capitalization of €2.04 billion representing
88.9 million total outstanding shares. Public Storage did not
sell any of its 31.3 million shares as part of the Offering.
“We are very pleased with the results of the global offering and
are energized by the fact that so many institutional investors
share our confidence in Shurgard and its growth potential across
Europe. The raised funds will help us continue Shurgard’s
profitable growth strategy across the European continent by
optimizing our existing portfolio, developing new stores in our key
European markets and continuing our role as a consolidator with
targeted bolt-on acquisitions. Ultimately, the Shurgard customer
will be the true beneficiary with even better more easily
accessible stores,” said Marc Oursin, Chief Executive Officer of
Shurgard.
Company Information
Public Storage, a member of the S&P 500 and FT Global 500,
is a fully integrated, self-administered and self-managed real
estate investment trust that primarily acquires, develops, owns and
operates self-storage facilities. The Company’s headquarters are
located in Glendale, California. At June 30, 2018, the Company had
interests in 2,402 self-storage facilities located in 38 states
with approximately 160 million net rentable square feet in the
United States and the facilities owned by Shurgard across Western
Europe. The Company also owns a 42% common equity interest in PS
Business Parks, Inc. (NYSE:PSB) which wholly owned and operated
approximately 28 million rentable square feet of commercial space
at June 30, 2018.
Additional information about Public Storage is available on the
Internet. The Company’s website is PublicStorage.com.
THE SECURITIES REFERENCED HEREIN HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT
REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN APPLICABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS THEREUNDER. THERE WILL BE NO PUBLIC OFFER
OF THE SHARES IN THE UNITED STATES.
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Public StorageRyan Burke(818) 244-8080, Ext. 1141
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