Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., is considering an initial public offering. If Shurgard does decide to sell securities, they may not be sold within the United States unless the offering is registered with the U.S. Securities and Exchange Commission, according to a press release.
Public Storage acquired Shurgard Storage Centers Inc. in August 2006. In March 2008, the REIT sold 51 percent of its interest to an institutional investor and now acts as the managing member of the joint venture.
“Shurgard began developing European self-storage properties in 1995. It currently owns and operates over 220 self-storage facilities with over 12 million net rentable square feet located in Belgium, Denmark, France, Germany, The Netherlands, Sweden and in the U.K.,” said Ron Havner, chairman and CEO. “We believe the European market presents excellent growth opportunities.”
No timeline was given for when the REIT would finalize a decision.
Based in Glendale, Calif., Public Storage also has interests in 2,392 self-storage facilities in 38 states, with approximately 159 million net rentable square feet.