Shurgard Acquires Dutch Self Storage Operator

10th June 2015

Austrian property group Immofinanz said today that it would exit the self-storage market by selling Dutch self storage chain City Box to Shurgard.

The sale, which is expected to close early next month, will reduce the share of the Austrian company's properties outside of its core region of Central and Eastern Europe by 2 percentage points to 1.5 percent.

"The sale price exceeds the carrying amount of the properties. The parties have agreed not to disclose further details of the transaction," Immofinanz said in a statement.

Immofinanz had been increasing its share in the Dutch self-storage market since it first bought into City Box in 2007 and has experienced continuing expansion in the self storage sector during that period.