Self storage group Shurgard Europe has extended its credit facilities in order to push forward its development programme, the company announced at MIPIM today.
Shurgard Europe’s parent company, SSC Benelux, has expanded its credit facility from €140m to €215m. The facility will fund the development of self storage facilities in Belgium, the UK, France, the Netherlands, Sweden and Denmark.
Dave Grant, president of Shurgard Europe, said: “We are pleased to have the confidence of these banks in our expanding network of self storage facilities. This financing facility gives us a great resource to seize the opportunity in front of us to build not only on the Continent, but to continue our expansion in the UK as well.”
“CSFB is very excited to be part of this opportunity,” said Derek Vago, a director at Credit Suisse First Boston, which leads Shurgard Europe’s banking group: “We believe Shurgard Europe will become the dominant player in Europe and we are pleased to help the company in achieving its goals, ” he continued.
Shurgard Storage Centres, a US-based self storage REIT with 431 self storage centres, owns and operates 49 self storage centres in Belgium (14 locations), France (13 locations), Sweden (11 locations), the UK (5 locations) and The Netherlands (6 locations). The company is currently expanding in key markets through its local development teams.
