Real estate investment manager Nuveen Real Estate has acquired 24Storage, the second largest self-storage operator in Sweden, in a deal which will take the publicly-listed REIT private.
Nuveen has acquired 92.4% of 24Storage via unconditional share purchase agreements, and the subsequent launch on 29 November 2021 of a mandatory public tender offer to purchase the remaining shares to ultimately take 100% control.
The acquisition equates to an enterprise value of approximately SEK 2.1bn (€205 mln), and is based on a share price of SEK 76 per share.
24Storage, which is currently listed on the NASDAQ First North Growth Market, owns 26 assets and has a further four assets under development.
The assets are centred around Sweden’s three major cities of Stockholm, Gothenburg, and Malmö and comprise approximately 12,000 individual units.
This transaction follows the recent acquisition of Sweden's Green Storage platform last month, comprising 14 existing assets. Nuveen said the 44 assets combined would create a complimentary platform.
Jasper Gilbey, head of TIAA general account and alternatives in Europe at Nuveen, said: 'We are delighted to be acquiring 24Storage – the second largest self-storage operator in the Swedish market.
'The privatisation of a high profile listed company reinforces Nuveen’s ability to access interesting investment opportunities in both the public and private markets while also demonstrating our commitment to grow our self-storage footprint across Europe.
'The combined portfolio with Green Storage will create a market-leading platform in Sweden with significant synergies and exciting growth potential in the coming years.'
In connection with the acquisition, Arctic Securities acted as the investment advisor, Advokatfirman Schjodt acted as the legal advisors, RSM acted as the financial advisors and WSP acted as the technical advisors.
