European self-storage specialist Shurgard has closed the acquisition of three properties in Central London and one further property in Watford, northwest of London.
Shurgard is currently also in exclusive negotiations to acquire another three properties in Central London over the coming weeks for a combined price of €50 mln, or a yield within the range of 8 to 10%.
At completion of all these acquisitions, Shurgard will have an additional six properties in Central London and one in Watford – thereby increasing its UK footprint in or around London by more than 12,000 m2 which represents around 7% of the current Shurgard UK rentable space.
The deals will see Shurgard expand its London portfolio to 41 properties from currently 34 (including Bow opening in December this year).
'These acquisitions will reinforce Shurgard’s leadership position in London and the Thames Valley with close to 200,000 m2 of rentable area,' said Marc Oursin, Chief Executive Office of Shurgard Self-Storage.
Shurgard currently owns and/or operates 249 self-storage centers and approximately 1.2 million net rentable m2 in seven countries: France, the Netherlands, Sweden, the United Kingdom, Germany, Belgium and Denmark.
