Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., this week unveiled its corporate growth initiatives during a virtual Investor Day. The plan includes an aggressive acquisition and development strategy designed to grow the company’s portfolio over the next several years as well as furthering its sustainability and social initiatives, according to a press release.
Shurgard’s development strategy includes the expansion of existing sites, plus the exploration of new-construction and conversion opportunities. The company will also pursue acquisitions of smaller operators. It expects to infuse €170 million per year toward expansion, with the goal of adding 90,000 square meters or 16 locations to its portfolio by 2024, the release stated.
“We have the ambition to accelerate the expansion of our market-leading portfolio,” said Marc Oursin, CEO. “To do so, we will double our investment each year and rely on three levers: redevelopments, new developments and market consolidation.”
As part of its revenue-growth plans, Shurgard is also optimizing its digital platform to improve the customer experience and better utilize staff. The company is now equipped to automate the entire move-in process at facilities it operates, projecting that more than 50% of its move-ins will come via the web by next year. Online improvements include data-driven pricing tools.
Shurgard also will continue to move toward carbon neutrality as part of its sustainability initiative. As of January, all of the company’s locations were supplied with 100% green electricity contracts and 60% natural gas. The operator has cut is CO2 emissions by almost 40% in the last seven years, officials said. Its goal is to reach carbon neutrality in its operations by 2030 and be at net zero with materials by 2040.
Shurgard operates 245 self-storage facilities comprising 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.
Shurgard, Shurgard Unveils Its Strategy to Accelerate Mid-Term Growth