Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., has opened a new facility in Berlin, its third in the German capital. The 1,200-unit property is off Gradestrasse in the Neukölln borough. It offers space from 1 to 27 square meters, according to a press release.
“Berlin has become a magnet for families, students as well as businesses, but working or living in this densely populated city means space can be hard to come by,” company officials said.
Shurgard is actively expanding its presence in Berlin as well as London and Paris. The company has launched a private placement of shares on Euronext Brussels that is expected to raise up to €575 million to help fuel acquisitions and development. It’s also considering a placement in Luxembourg.
Shurgard opened its first German self-storage property in 2003 and currently operates 17 locations nationwide.
Based in Glendale, Calif., Public Storage has interests in 2,615 self-storage facilities in 39 states, with approximately 171 million net rentable square feet. Operating under the Shurgard brand name, the company also has 229 facilities in seven European countries, with approximately 12 million net rentable square feet.