Shurgard Self Storage Europe SARL, the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has acquired London-based ABC Selfstore for $62 million. The ABC portfolio includes three freehold properties in the London boroughs of Camden, Southwark and Wandsworth, according to a press release.
“The U.K. self-storage market is currently very competitive, and the portfolio generated considerable interest, with all the major providers looking to increase market share across the capital and a number of newcomers seeking to acquire a quality London platform,” said Simon Higgins, a partner with Levy Real Estate LLP, which represented ABC in the deal.
The acquisition is part of Shurgard’s goal to expand its presence in Berlin, London and Paris, according to Marc Oursin, CEO of Shurgard.
Shurgard, which opened a new facility in Berlin earlier this month, recently completed its initial global offering on Euronext Brussels, meeting its goal of raising €575 million. The company has said it intends to use the proceeds to help fund its growth strategy and refinance a loan.
Based in Glendale, Calif., Public Storage has interests in 2,418 self-storage facilities in 38 states, with approximately 161 million net rentable square feet. Operating under the Shurgard brand name, the company also has 228 facilities in seven European countries, with approximately 12 million net rentable square feet.