Public Storage’s European Affiliate May Go Public

Public Storage’s affiliate in Europe, Shurgard Self Storage Europe, is considering an initial public offering. Glendale-based Public Storage acquired Shurgard Storage Centers Inc. in 2006. In March 2008, Public Storage sold 51 percent of its interest to an institutional investor. Currently, Public Storage acts as the managing member of the joint venture, according to the company. In its announcement, Public Storage noted that if Shurgard securities were offered to the public, they may not be sold in the United States unless Shurgard registers the offering with the Securities and Exchange Commission. Shurgard owns and operates more than 220 self-storage facilities with more than 12 million net rentable square feet in Belgium, Denmark, France, Germany, Netherlands, Sweden and the U.K. The company made the announcement Wednesday. Shares of Public Storage (PS) closed Thursday down 39 cents, or a fraction of a percent, to $211.84 on the New York Stock Exchange.