Self-storage giant Shurgard gears up for €2bn-€2.4bn listing amid plans to fund Kensington store
Europe’s largest owner and operator of self-storage centres revealed plans for a €2bn (£1.78bn) float on Euronext Brussels this morning.
Luxemburg-based Shurgard, which owns a swathe of European facilities, including 28 in London and the Thames Valley, is gearing up for an initial public offering (IPO) which will partially go towards financing the expected acquisition of a Kensington store later next month.
The proceeds, which will come from a private placement of up to €575 million, will also go towards paying down €200m of debts.
Read more: Funding Circle cuts price range for IPO
Shurgard is valuing the firm between a price range in between €2bn and €2.4bn.
Marc Oursin, chief executive of Shurgard, said that the firm’s focus was to strengthen its position in “attractive urban areas” such as London and Paris.
Oursin added: “Growth is our strategy. Senior management regularly monitors our existing markets for growth opportunities. We have a track record of developing new stores and integrating acquired stores. We believe that this experience will enable continued growth from our leading position and will provide us with a unique opportunity to drive further consolidation.”