Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has signed an agreement with France self-storage operator Flexistockage to manage its four-property portfolio. Shurgard also signed its intent to acquire two of the facilities early next year. The portfolio serves the Paris metropolitan market and comprises 20,400 square meters in 2,885 units. All four will be rebranded as Shurgard, according to a press release.
Shurgard will acquire one facility in Central Paris and one in Villepinte. The Paris location comprises 2,500 square meters in 600 units, while the Villepinte facility encompasses 5,900 square meters in 690 units. Shurgard will also have first right of refusal to buy the location in Argenteuil, which comprises 8,000 square meters in 945 units. It’s the largest facility in the Paris market, the release stated. The fourth facility, in Clichy, encompasses 4,000 square meters in 650 units.
The deal expands the Shurgard footprint in Greater Paris to 40 owned and managed facilities. “We are excited to work closely with Flexistockage, one of the few multi-site self-storage players in the Paris region,” said Marc Oursin, CEO of Shurgard. “This deal supports our growth strategy, which includes targeted acquisitions, such as the four new properties in the Paris metropolitan area. France, and especially Paris, has always been a strong and stable market for Shurgard.”
Shurgard operates 231 self-storage facilities comprising 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom. Its network serves 150,000 customers and employs more than 700 people. Shurgard is listed on Euronext Brussels under the symbol “Shur.”
Based in Glendale, Calif., Public Storage has interests in 2,456 self-storage facilities in 38 states, with approximately 166 million net rentable square feet. It holds a 35 percent interest in Shurgard.