Shurgard Self-Storage Announces Cash Acquisition of Lok'nStore Group

April 12, 2024

1 Min Read

Shurgard Self Storage Ltd., the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., has acquired Lok'nStore Group in an all-cash deal for £378 million. Expected to be complete in July, the transaction includes 43 facilities in Manchester and Southeast England, according to sources.

“The acquisition will allow Shurgard to increase its footprint in the two most attractive target markets outside of London,” Shurgard said in a statement.

Shurgard hosted a conference call earlier this week to discuss the purchase, which includes five development projects. Lok'nStore shares will be delisted once the deal closes.

Duplicative job roles could be eliminated due to the merger. “It will likely result in the loss of the majority of roles across Lok’nStore’s administrative and head-office functions,” Shurgard officials said.

Founded in 1995 by CEO Andrew Jacobs, Lok'nStore has a portfolio comprising 1.8 million square feet and another 538,195 square feet under development. About 40% has been constructed since 2022, according to a source.

Shurgard operates 276 self-storage properties comprising 1.4 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.

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