Degroof Petercam - Shurgard Self Storage SA (SHUR) Shurgard - EUR 69m acquisition of Top Box in Germany

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Degroof Petercam

Vincent Koppmair

Shurgard - EUR 69m acquisition of Top Box in Germany

SHUR acquires Top Box in Germany for EUR 69.2m. This includes 5 operating assets (17.2k sqm) and 2 development projects (9.1k sqm).4 of the 5 operating assets are expected to be redeveloped, adding ca. 6.6k sqm.Total capex (incl. developments & redevelopments) lands at EUR 97.6m for a total of 32.8k sqm. The expected stabilized yield is expected at 8% ‘within 6 years'.We reiterate our Buy recommendation and our EUR 48.50 TP.More details in our Note issued this morning

11/10/2023 1 EN

Underlying

Shurgard Self Storage SA

Shurgard 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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LU1883301340 Euronext Brussels Luxembourg

Provider

Degroof Petercam

We are an investment house with Belgian roots founded on more than 150 years of trust.

As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.

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Analysts

Vincent Koppmair

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Degroof Petercam

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Shurgard - EUR 69m acquisition of Top Box in Germany

Shurgard - 76.9% approval of Lokn'Store takeover

Shurgard - Q1 2024 - A start to 2024

Shurgard - EUR 441m take-over bid of Lok'n Store Group

(Sponsored) Fastned - Gearing up for a growth spurt

(Sponsored) Biotalys NV - Fungal foes, natural fixes

(Sponsored) Whitestone Group - FY24: Important step in transparency

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