Shurgard - EUR 120m 'Pickens' acquisition in Germany
SHUR acquires ‘Pickens' in Germany for EUR 120m.Pickens owns 6 assets (3 in Berlin & 3 in Hamburg) for a total of 31k sqm.The expected yield on maturity of the acquisition stands at ca. 7%.With this acquisition, SHUR solidifies its 2ndposition in the German self-storage market, and grows its footprint in Germany.We reiterate our ‘Buy' rating and EUR 47.00 TP.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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