Shurgard, acquired the MietLager 365 facility in Bonn, North Rhine-Westphalia, Germany, as part of the Company's expansion initiatives.
This acquisition is part of Shurgard's strategic purchases in the German market, adding 57,000m2 representing 46% of our German net rentable m2. The purchase price is €3.9m for c. 1,300m2 or around 250 units. The property's occupancy is around 50%, with a stabilized yield expected to be approximately 9%. The facility will be equipped with Shurgard's e-rental solution and mobile app. Shurgard currently offers self-storage solutions in 36 properties in Germany, including 26 in major cities and has eleven properties in its development pipeline.
Marc Oursin, Chief Executive Officer of Shurgard Self-Storage, commented: "Our strategy focuses on identifying and seizing bolt-on acquisition opportunities, and this small-sized acquisition perfectly aligns with our expansion plans. I am pleased with this addition, as it strengthens our position in the German market. The city of Bonn has always been a very strong performer for us, with our existing property there maintaining an average occupancy rate of over 92%."
Image source - Pexels.
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