SHURGARD TO LIST IN BRUSSELS
Shurgard Europe, the largest self-storage company in Europe with 170 centres in seven countries, is poised to float in Belgium.
The company, which is owned by the world’s largest self-storage company, the California-based Public Storage, is set to follow Big Yellow, Safestore and Lok’nStore into the European public arena. While those three floated in London, Shurgard Europe, which is based in Brussels and run by Steven De Tollenaere, wants to list on Euronext Brussels. It aims to raise €700m-€900m (£475m-£610m).
Public Storage said last week in its results for the first quarter of 2007: ‘During the second quarter of 2007, we expect a share offering of Shurgard Europe.‘In connection with the offering, which is subject to Belgian regulatory approval, market conditions and other factors, we expect to reduce our ownership in Shurgard Europe, but will retain a significant equity interest’. Public Storage also indicated that it had agreed a solution to the dispute with its European joint venture partner.
In January Property Week revealed that Shurgard Europe had asked the International Chamber of Commerce in Paris to compel two companies sponsored by Bahrain-based First Islamic Investment Bank to sell their interests in two ventures. Shurgard Europe has a 20% interest in the two joint ventures, which own 65 European properties with 3.2m sq ft of space. ‘As part of our efforts to resolve this dispute, we’ve entered into an agreement to exchange their interest in the joint venture for shares in the proposed public company,’ Public Storage said last week.
Courtesy of Property Week