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Oct 2018
Joint Bookrunner
€ 575 million
Initial Public Offering


Joint Bookrunner

Kempen acted as Joint Bookrunner in the successful €575 million initial public offering of Shurgard Self Storage

Transaction highlights

  • Initial public offering of 25 million primary shares at a price of €23.00 per share
  • Gross proceeds amount to €575 million, which the company will use to fund the company’s growth strategy and refinance a loan
  • An ‘orderbook covered’ message was communicated within the first 48 hours of bookbuilding
  • Allocations in the orderbook were skewed towards global long-only and real estate specialists
  • Kempen extensively marketed the transaction with its Research Analysts traveling around Europe and the United States during the PDIE phase of the transaction having 93 meetings 
  • Kempen generated substantial demand with a strong focus on US and European Real Estate specialist investors

Company description

  • Shurgard Self Storage SA is the largest owner and operator of self-storage centers in Europe in terms of number of stores, net rentable square meters and number of customers.
  • The company commenced its operations in 1995 and is one of the pioneers of the self-storage concept in Europe.
  • In total, its network of 228 stores comprises approximately 1.2 million net rentable square meters and serves more than 150,000 customers in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark, as of June 30, 2018.

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