Shurgard Withdraws Brussels IPO

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Shurgard Self Storage Europe Ltd. withdrew plans to raise as much as $1 billion in an initial public offering Thursday due to what it called poor market conditions.


Shurgard, Europe’s largest self-storage facility owner, said it had planned to offer 43.6 million shares priced between 12.50 euros to 15 euros ($16.90 to $25.25) per share on the Brussels Stock Exchange. Shurgard announced the IPO on June 6 and said it intended to use the money to pay off debt and to finance new developments and expansion. Glendale-based Public Storage Inc. acquired Shurgard last year for $5 billion.


The IPO would have reduced Public Storage’s stake in Shurgard to between 44 percent and 52 percent, depending on how many shares were sold. Public Storage currently owns all of Shurgard.


Shares in Public Storage slipped 40 cents to $79.08 in afternoon trading Friday on the New York Stock Exchange.

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