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.
Shurgard is an integrated, self-managed and self-administered REIT, which is in the business of developing and acquiring self-storage centers and related operations. As of the end of last year, Shurgard was operating a network of 428 storage centers and three business parks. Prior to this transaction, the REIT owned (either directly or through subsidiaries and joint ventures) a total of 399 properties, which totaled approximately 25.3 million net rsf. Of those, 352 are located within 19 states in the United States. The remaining 47 are located throughout Europe. Shurgard is also the third-party manager for 31 additional self-storage centers and a business park with approximately 1.9 million sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.