Shurgard Self Storage Ltd., the European affiliate of U.S.-based real estate investment trust Public Storage Inc., has acquired the Top Box Self Storage portfolio in Germany for €69.2 million. The purchase includes five existing facilities and two development projects. according to a press release.
The operating sites, which are in Cologne, Duisburg, Essen, Mannheim and Wiesbaden, comprise 184,062 square feet and are currently at an average of 70% occupancy.
Expansions totaling 71,041 square feet are planned for next year. The two new developments, in Cologne and Frankfurt, will encompass 97,951 square feet and are expected to open in 2025.
Shurgard now operates 30 self-storage facilities in Germany, including 21 in the country’s seven largest cities, 16 in the North-Rhine-Westphalia area, six in Berlin, three in Munich, three in Hamburg and two in Greater Frankfurt.
“We are excited to announce this new acquisition, a stepping stone for our German expansion,” said CEO Marc Oursin. “This acquisition will perfectly extend our services and footprint in Germany. It demonstrates the continued execution of our external growth platform, which includes acquisitions, development and redevelopment in capital and primary cities of our seven countries.”
Shurgard operates 273 self-storage properties comprising 1.4 million net rentable square meters in Belgium, Denmark, France, Germany, The Netherlands, Sweden and the United Kingdom. It also has 10 projects under development.
