Shurgard Self Storage Becomes UK-Based REIT

March 7, 2023

2 Min Read
Shurgard Self Storage Becomes UK-Based REIT

Update 3/7/23 – Shurgard Self Storage officially became a U.K.-based REIT on March 1. Though its stock will remain listed on Euronext Brussels, it’ll trade under a new International Securities Identification Number, GG00BQZCBZ44, beginning on March 15, according to a press release.

“This structural change brings with it many benefits,” Oursin said. “Previously, we forecasted that our effective tax rate would be around 22% in 2025; and we now believe that, based on the implementation of the REIT status in the U.K., this rate will be around 18%. In addition, the move allows us to be better positioned to take part of investments opportunities present in the U.K. market.”

12/8/22 – Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust (REIT) Public Storage Inc., will become a U.K.-based real estate investment trust (REIT) in March, as approved yesterday by company shareholders. More than 99% of the votes cast during the company’s Extraordinary General Meeting were in favor of the plan, according to a press release.

The change means Shurgard will move its official registered office from Luxembourg to Guernsey, a self-governing island in the English Channel, and its central administration to the United Kingdom. It’ll also change its company name to Shurgard Self Storage Ltd., though it’ll remain listed on Euronext Brussels with shares traded in euros.

“The board’s recommendation to become a U.K. REIT makes us more attractive, enhances our shareholder returns and opens us up to a greater investor base,” CEO Marc Oursin said earlier this month in a released statement.

Shurgard operates 265 self-storage facilities comprising 1.3 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 2,836 self-storage facilities in 40 states, with approximately 202 million net rentable square feet. It holds a 35% interest in Shurgard.

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