Public Storage Buys Out JV Partners

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Public Storage Inc. said that its Shurgard Europe self-storage business has paid more than $238 million to acquire all of two joint ventures that operate in several European countries.

The acquired ventures own 72 self-storage facilities in seven countries, according to Glendale-based Public Storage, which provided the money for the acquisition. Shurgard had owned a 20 percent interest in the ventures.

Public Storage has interests in 2,048 self-storage facilities in 38 states, and 189 Shurgard storage facilities in Western Europe. The company also owns a 41-percent common equity interest in office and industrial space landlord PS Business Parks Inc.

The announcement was made late Wednesday. Public Storage shares on Thursday closed up $1.42, or 1 percent, to $110.50 on the New York Stock Exchange.

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