Shurgard, the largest owner and operator of self-storage centres in Europe, has priced its initial public offering on Euronext Brussels at €23 per share, at the bottom of its price range of €23 to €28.
In a statement, the company said on Friday that it will raise €575 mln from the offering, representing 28.1% of the shares. The operation values the company at €2.04 bn.
Shurgard plans to use the proceeds to repay borrowings as well as support its growth strategy in target markets including London, Berlin and Paris.
'We are very pleased with the results of the global offering and are energized by the fact that so many institutional investors share our confidence in Shurgard and its growth potential across Europe,' said CEO Marc Oursin. 'The raised funds will help us continue Shurgard’s profitable growth strategy across the European continent by optimizing our existing portfolio, developing new stores in our key European markets and by continuing our role as a consolidator with targeted bolt-on acquisitions.'
Shurgard currently has a conservative loan-to-value ratio of 25%.
