Shurgard Self Storage Limited · EURONEXT:SHUR
Shurgard Self Storage — Merger or Acquisition (April 2024)
8 slides from Shurgard Self Storage's merger presentation, Apr 11, 2024
Slide 1: Shurgard to Acquire Lok'nStore
April 11, 2024 SHURGARD TO ACQUIRE LOK’NSTORE
Slide 2: Transaction Summary
TRANSACTION SUMMARY • Acquisition of Lok’nStore doubles the size of Shurgard in the UK from 48 stores to 100 stores (including pipeline) and represents two years of total Shurgard growth • Increased exposure to London, South-East and Manchester, which have attractive underlying market dynamics and d
Slide 3: Strategic Rationale
STRATEGIC RATIONALE Doubles UK portfolio by stores in one acquisition COMBINED (NO. OF STORES) UK ASSETS 3,4 – NO. STORES Operating - owned/leased 150 6 11% 100% 10% Pipeline (incl. managed) + 5 Operating - managed 100 109 32% 28% 16% 16% Owned stores 52 48 Increased UK (incl. pipeline) exposure: 18
Slide 4: Strategic Rationale (Cont'd)
STRATEGIC RATIONALE (CONT’D) Acquisition of Lok’nStore provides an additional 171,000 sqm MLA, representing two full years of Shurgard’s targeted annual expansion (2x 90,000 sqm) BLENDED OCCUPANCY – OWNED STORES PIPELINE MLA At January 2024 Target occupancy 90% Pro 67% 26 operating stores1 3 Forma (
Slide 5: Acquisition Increases Shurgard UK Scale and Growth Profile
ACQUISITION INCREASES SHURGARD UK SCALE AND GROWTH PROFILE Shurgard UK portfolio post combination Increased exposure in South-East & Manchester TOTAL SHURGARD LOKN Owned (Operating and Pipeline) LOKN Stores under management contract (Operating and Pipeline) + = Pro Forma FY23A Pro Forma 1 4 No. of s
Slide 6: Robust Balance Sheet and Returns
ROBUST BALANCE SHEET AND RETURNS • Initially financed 100% through bridge facility • Total all in cost €613m 1 • Pro forma leverage of 25% LTV and 6.2x Net debt/Underlying EBITDA at acquisition (including bridge financing) • We maintain a financial policy with a target to keep LTV at c. 25% and, 4.0
Slide 7: Anticipated Transaction Timeline
ANTICIPATED TRANSACTION TIMELINE Key Events Dates Rule 2.7 announcement April 11 Publication of Scheme Document Early May (within 28 days of R2.7 announcement) Earliest Date for Lok'nStore shareholder meetings Late May, held 21+ days after the Scheme posted Court Sanction Hearing Early July Closing
Slide 8: Selected Assets
SELECTED ASSETS BASILDON BEDFORD HEMEL HEMPSTEAD KETTERING PETERBOROUGH STAINES STEVENAGE WARRINGTON WELLINGBOROUGH 8
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