Public Storage Sells 51 Percent of Shurgard Europe

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In April, the New York Common Retirement Fund acquired a 51 percent interest in Shurgard Europe, owned by Public Storage, for approximately €383.2 million ($606 million). It also got an adjustment for operating results of Shurgard Europe from Dec. 31, 2007, through March 31, 2008. Public Storage will own the remaining 49 percent interest and be the managing member of the newly formed joint venture, which includes Shurgard's 20 percent equity interest in two existing companies (the subject of previously disclosed arbitration). The current Shurgard Europe management team will continue operations from Brussels, Belgium. Info: www.publicstorage.com

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