Shurgard acquired two Sesam Self Storage facilities in Lund and Helsingborg, Sweden, from Granitor. The deal closed on 2/12/25, adding 11,200 sqm of space across 1,800 units. The occupancy currently stands at approx. 20%. Both freehold properties will be remotely managed from existing Shurgard sites as part of its cluster strategy. This was illustrated in our recent property tour and reduces the headcount per store. It also brings more FTE together in 1 location which increases the job satisfact...
Shurgard 9m25 EPRA net came ahead of our estimates at €128.0m vs. 124.9m expected, a 3.8% increase yoy. Same store NOI margin increased 0.7pp to 67.3%. The NTA per share rose an impressive 11.0% yoy, driven by €617.2m FV gains in the portfolio. These are largely attributed to operational improvements (not cap rate). The 9m25 same store operating revenue growth of 3.9% beat our expectation by 0.2%. The FY25 NOI growth is confirmed at 11%, in line with our model. This is a strong performance and i...
Blackstone has confirmed it's considering a cash bid for Big Yellow Group, the UK's leading self-storage operator. Big Yellow separately confirmed that it has held meetings with a "small number" of parties, but added that it has not received a formal bid. Shares in Big Yellow surged >20% on the news, reflecting investor optimism around consolidation in the sector. We believe the impact on Shurgard in the UK is positive. It highlights that private equity investors find the valuation attractive. B...
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