Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has reached its 250th location with the opening a facility in Argenteuil, a commune in the northwest suburbs of Paris. The eight-story building comprises 75,347 square feet in more than 1,100 units, according to a press release.
Shurgard has been ramping up its European expansion through acquisitions and development since opening its 200th store in 2015. At its virtual Investor Day last month, the company confirmed its ambition to accelerate expansion. Its plan has three prongs: expansion of existing sites, new development and acquisitions of operating properties.
“We are thrilled to have opened our 250th property in Europe, especially in the Paris region, which is key to our expansion plan,” said company CEO Marc Oursin. “It is definitely an important milestone for the company, and I want to thank again the teams that have worked on the construction and opening of this brand-new property. It fits well in our portfolio of stores we already have in the region.”
Shurgard operates 42 facilities in Paris and its suburbs. The company’s total portfolio comprises more than 1.2 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
Headquartered in Glendale, California, Public Storage has interests in 2,649 self-storage facilities in 39 states, with approximately 184 million net rentable square feet. It holds a 35% interest in Shurgard.