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Belgian self-storage firm Shurgard is set to buy the UK’s Lok’nStore for £378m.
The 1110p per share offer represents a 16% premium to the company’s closing price on Wednesday and was backed by its board.
Shurgard, which saw shares jump as much as 17% to a record high, said the deal will accelerate its growth strategy;
Lok’nStore began in 1995 in Horsham and listed in May 2000. Shurgard started in the same year and is now Europe’s biggest self storage firm, with 270 sites in seven European countries used by 190,000 customers.
Marc Oursin, chief executive of Shurgard, said:
“I am excited to disclose this new acquisition in the UK, which doubles our presence in the country, and accelerates our growth and expansion strategy.
“The acquisition brings with it a strong pipeline and development team, which can be leveraged to accelerate new opportunities in London, the South East and Manchester.”
Andrew Jacobs, chair of Lok’nStore, said:
“Lok’nStore’s board believes the offer represents significant value for Lok’nStore’s shareholders.
“We believe that integrating Lok’nStore’s assets and operations into Shurgard is highly complementary considering Lok’nStore’s asset locations and positioning in its markets.”
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