Shurgard, the largest owner and operator of self-storage centres in Europe, is targeting a market valuation of up to €2.4 bn through a listing on Euronext Brussels planned for later this month.
The company, which has set a price range for its shares of between €23 and €28 apiece, said the offering will be made by way of a private placement of up to €575 mln, including an overallotment option of up to €75 mln.
The offering period is expected to end on October 11.
Shurgard plans to use the proceeds to repay borrowings as well as support its growth strategy in target markets including London, Berlin and Paris.
'Growth is our strategy,' said CEO Marc Oursin. 'Senior management regularly monitors our existing markets for growth opportunities. We have a track record of developing new storage spaces and integrating acquired s[aces. We believe that this experience will enable continued growth from our leading position and will provide us with a unique opportunity to drive further consolidation in the markets where we operate.'
Shurgard currently has a conservative loan-to-value ratio of 25%.
