European self storage group Shurgard has announced the acquisition of the Top Box self-storage platform in Germany for €69 mln.
The portfolio includes five operating properties representing 17,100 m2, currently operating at 70% occupancy, and two development assets for 9,100 m2 of space. The properties under development are expected to be completed in 2025.
The acquisition’s stabilized yield is expected to be at 8% within six years, Shurgard said.
'Top Box’s existing portfolio in Germany (Essen, Duisburg, Cologne, Wiesbaden and Mannheim) is a perfect fit, adding to the existing network, while allowing us to expand rapidly in our newer regions of Germany,' the company added.
Shurgard is the largest provider of self storage in Europe. The company owns and/or operates 273 self-storage facilities and 1.4 million net rentable m2 in seven countries: France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium and Denmark.
