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Shurgard Storage Buys Out Subsidiary Partners

SEATTLE, WA-For $38 million, the REIT specializing in self-storage centers acquired full ownership of Fremont Storage, one of its many subsidiaries in its network of 428 storage properties and business parks it owns throughout the United States and Europe.

By Janet Parker | Updated on October 03, 2001

SEATTLE, WA-Shurgard Storage Centers Inc. announced today that for $38 million it has acquired the partnership interests of Fremont Storage Partners II LLC and Fremont FSP II LLC (collectively referred to by Shurgard as Fremont). Now wholly owned by Shurgard as a result of the transactions, the partnership owns 16 storage properties.

Harrell Beck, CFO and Treasurer of Seattle-based Shurgard says the acquisition was made under the terms of an option agreement set in place when the partnership was formed in 1999. Shurgard says the price paid for the partnership was calculated by the parameters set forth in the formation documents.

The transaction facilitated the storage property REIT (NYSE: SHU) in retiring approximately $63 million in secured bank financing for the partnership, which is one of several subsidiaries of Shurgard.

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