Shurgard - 76.9% approval of Lokn'Store takeover
Lok'nStore shareholders approve SHUR's bid by 76.9%.The acquisition stands at a yield of 8% (at maturity) and will allow SHUR to double in size in the UK. It is expected to be EPS accretive starting 2026.The acquisition is expected to be financed by a mix of debt and equity.We reiterated our ‘Buy' rating and EUR 47.00 TP. We will review our estimates in the coming weeks to include the acquisition.More details in our Note published this morningShurgard Self Storage SA, formerly known as Shurgard Self Storage Europe SARL, is a Luxembourg-based company, which serves as a provider of warehousing and self-storage services. The Company operates a number of self-storage facilities in Europe with over 200 self-storage centers. Shurgard's activity is organized around two areas: leasing of storage spaces for companies and individuals and other related services. Additionally, the Company also offers self-storage insurance specially designed for its clients. Apart from the Luxembourg, the Company also operates in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark. The company is partly owned by Public Storage, an owner and operator of self-storage facilities with a range of stores in the United States.
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