Shurgard agrees $474 mln deal to buy self-storage rival Lok'nStore (updated)

Shurgard Self Storage

11/04/2024 07:44

(Adds quote in paragraph 3, completion date and detail in
paragraph 4,)
       LONDON, April 11 (Reuters) - European self-storage
company Shurgard  SHUR.BR  has agreed to buy UK-listed rival
Lok'nStore  LOK.L  in a deal worth 378 million pounds ($474
million), the companies said in a joint statement on Thursday.
    Shurgard has agreed to spend 11.10 pounds in cash for each
Lok'nStore share, which it said represents a 15.9% premium to
its closing price on April 10.
    "The acquisition will allow Shurgard to increase its
footprint in the two most attractive target markets outside of
London," the company said in a statement.
    The acquisition, expected to be completed in July, will add
Lok’nStore's 32 properties in the South East of England and five
more in Manchester.
    ($1 = 0.7977 pounds)

 (Reporting by Iain Withers and Nathan Vifflin; editing by David
Goodman)
 ((nathan.vifflin@thomsonreuters.com; +48 58 769 67 13;))