Self-storage property specialist Shurgard has announced the acquisition of four ZeitLager facilities in Germany for just over €33 mln.
The facilities - three in Munich and one in Landshut, northeast of Munich - bring the total number of assets owned by Shurgard in Germany to 25 centres, four of which are currently under construction.
The deal marks the first acquisition by Shurgard in the Munich area where the company plans to expand in the future. In total, the buildings will offer over 2,700 self-storage units with 12,500 m2 of storage space and additional build-out opportunities.
Marc Oursin, chief executive officer of Shurgard Self-Storage, commented: ’We are excited by these new acquisitions in Munich and pleased to extend our service to the region. These acquisitions are aligned with Shurgard’s strategy to grow not only organically, but also through targeted bolt-on acquisitions in capital or primary cities of our seven countries.’
Shurgard is the largest provider of self-storage in Europe. The company owns and/or operates 240 self-storage centres and offers approximately 1.2 million net rentable m2 in seven countries: the Netherlands, France, Sweden, the UK, Belgium, Germany and Denmark.