Shurgard Self Storage Europe has announced that it is making a cash offer to take over Swedish listed self-storage operator 24Storage AB.
Shurgard is offering SEK 72 per share for the firm, representing a 16.5% premium to the closing price of 24Sotrage on the day prior to the announcement.
The bid, which values the group at SEK 1.08 bn (€110 mln), is conditional on a minimum acceptance of 90%. If approved, the acquisition would add 27 facilities comprising 71,000 m2 to the Shurgard portfolio.
Shareholders of 24Storage have until December 15 to accept the offer, which was unanimously recommended by the 24Storage Bid Committee. If approved, the transaction is expected to close on Dec. 22.
‘We are committed to growing Shurgard’s portfolio in Sweden with a high-quality self-storage proposition for local customers. The acquisition of 24Storage complements our existing position and enhances our Pan-European strategy,’ said Marc Oursin, Shurgard CEO. ‘Through this transaction, we create a larger, scalable and environmentally stable and efficient portfolio. Our intention is to combine expertise and continue to grow, with our offer reflecting an attractive value proposition to customers and shareholders.’
The deal would expand the company’s presence in Sweden to 63 facilities comprising approximately 250,000 rentable m2.
Shurgard operates 252 self-storage facilities comprising 1.3 million net rentable m2 in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom.
Shurgard is 35% owned by US-based self storage REIT Public Storage.
