Shurgard Acquiring CSFB's 10.6% Stake in Shurgard Europe for $49.8M

SEATTLE-Shurgard Storage Centers Inc. says it will acquire Credit Suisse First Boston’s 10.6% stake in Shurgard Europe for approximately $49.8 million. When the deal closes sometime next quarter, the self storage REIT will have more than a 60% stake in Shurgard Europe.

As part of the agreement, the other institutional partners must be provided the opportunity to purchase CSFB’s interest on the same terms being offered to Shurgard in an amount proportional to their respective ownership of Shurgard Europe. If the deal goes through, Shurgard will acquire the interests of two entities through which CSFB owns its interest in Shurgard Europe. Shurgard will pay cash consideration to acquire CSFB’s equity interest.

“The opportunity in Europe is unparalleled for self storage and Shurgard Europe enjoys the dominant market position,” says Shurgard Chairman and CEO Charles Barbo. “With this strategic investment and our increased ownership stake, Shurgard will look to further integrate the activities of Shurgard in the United States and Europe.”