GLENDALE, Calif.--(BUSINESS WIRE)--
Public Storage (NYSE:PSA) announced today that its affiliate, Shurgard
Self Storage SA (“Shurgard”), has completed its Initial Global Offering
(the “Offering”). Trading of Shurgard shares commenced on the regulated
market of Euronext Brussels under the “SHUR” symbol on Monday, October
15, 2018.
Shurgard is the largest owner and operator of self-storage facilities in
Europe with 229 self-storage centers and approximately 12 million net
rentable square feet in seven countries: the Netherlands, France,
Sweden, the United Kingdom, Belgium, Germany and Denmark. Shurgard’s
European network currently serves 150,000 customers and employs over 700
people. Public Storage acquired its interest in August 2006 through the
acquisition of Shurgard Storage Centers, Inc.
The final offer price was set at €23 per share at an implied market
capitalization of €2.04 billion representing 88.9 million total
outstanding shares. Public Storage did not sell any of its 31.3 million
shares as part of the Offering.
“We are very pleased with the results of the global offering and are
energized by the fact that so many institutional investors share our
confidence in Shurgard and its growth potential across Europe. The
raised funds will help us continue Shurgard’s profitable growth strategy
across the European continent by optimizing our existing portfolio,
developing new stores in our key European markets and continuing our
role as a consolidator with targeted bolt-on acquisitions. Ultimately,
the Shurgard customer will be the true beneficiary with even better more
easily accessible stores,” said Marc Oursin, Chief Executive Officer of
Shurgard.
Company Information
Public Storage, a member of the S&P 500 and FT Global 500, is a fully
integrated, self-administered and self-managed real estate investment
trust that primarily acquires, develops, owns and operates self-storage
facilities. The Company’s headquarters are located in Glendale,
California. At June 30, 2018, the Company had interests in 2,402
self-storage facilities located in 38 states with approximately 160
million net rentable square feet in the United States and the facilities
owned by Shurgard across Western Europe. The Company also owns a 42%
common equity interest in PS Business Parks, Inc. (NYSE:PSB) which
wholly owned and operated approximately 28 million rentable square feet
of commercial space at June 30, 2018.
Additional information about Public Storage is available on the
Internet. The Company’s website is PublicStorage.com.
THE SECURITIES REFERENCED HEREIN HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION
UNDER THE SECURITIES ACT OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR
IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
THEREUNDER. THERE WILL BE NO PUBLIC OFFER OF THE SHARES IN THE UNITED
STATES.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181016006085/en/
Public Storage
Ryan Burke
(818) 244-8080, Ext. 1141
Source: Public Storage