Shurgard New central Rotterdam permit

Shurgard received a building permit for a new self-storage building located in the centre of Rotterdam. The future c. 3,300 sqm freehold self-storage facility will offer over 800 self-storage units and is set to open end of 2025. Direct project cost is estimated at EUR 9.1m and the property yield at maturity is expected to be c. 9%. We like that Shurgard continues its development activities in 1 of its 4 core regions as most of the attention and fear of the market has focussed on the LnS acquisition. Over last couple of months, there has also been pressure on the UK self-storage peers that has dragged Shurgard along. Also macro worries over the European economy after the Trump protectionist agenda has hit EU-REITS. We believe that Shurgard will continue on its profit growth track record as Europe catches up with the US self-storage penetration. We recently added SHUR to our 2025 Benelux Selection list.