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Shurgard Europe Forms a 240 Million Euro Development Joint Venture

Shurgard’s European subsidiary, closed a development joint venture with Crescent Euro Self Storage Investments II SARL, an investment vehicle sponsored by First Islamic Investment Bank, E.C., based in Manama, Bahrain (Crescent).

The joint venture, known as Second Shurgard SPRL (Second Shurgard) is expected to develop approximately 37 self storage properties in Europe through early 2006. Total capitalization of the joint venture is anticipated to be approximately Euro 240 million.

Second Shurgard will initially be funded with equity contributions of Euro 12.5 million from Shurgard Europe and Euro 50 million from Crescent, with the possibility to increase the commitment with additional equity of Euro 7.5 million from Shurgard and Euro 30 million from Crescent. The joint venture has obtained debt financing of Euro 140 million provided by Royal Bank of Scotland and a syndicate of banks, Euro 52 million of which is contingent upon the additional equity commitment. The debt financing is a non-recourse five-year term facility.

Pursuant to the terms of the joint venture agreement, the joint venture will invest in stores developed or to be developed in six European countries: Denmark, France, Germany, the Netherlands, Sweden, and the United Kingdom. Shurgard Europe has the exclusive right to manage these stores for a term of 20 years. Shurgard Europe will receive development and management fees from the joint venture during the investment period, in addition to various arrangement fees at closing. Shurgard Europe will also receive performance related fees based on the achievement of minimum levels of return, which shall be paid at the end of the life of the joint venture. Under the terms of the Agreement, on or before the fifth anniversary of the formation of the joint venture, the partners can either form another joint venture to hold the stabilized assets long-term, sell the assets to Shurgard Europe, or sell the assets to a third party subject to Shurgard’s long-term management contract. The sales price for the assets under each of the scenarios is their fair market value as determined by either mutual agreement or appraisal.

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Du changement au siège de Homebox.

Jean Pierre MINCEL le président de la FEDESSA, quitte son poste de Directeur général de Homebox

Courant septembre le Directeur Construction de Homebox, Christophe GAUDE, avait lui aussi quitté l’entreprise, pour reprendre la direction de Steel Storage France, au poste laissé vaquant par Marc LE DELLIOU.

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Trustees : met en place une offre globale de sécurité pour le self stockage.

La société Trustees est depuis le début de l’année 2004, officiellement le distributeur et installateur exclusif pour la France du système de contrôle d’accès PTI.
En effet, un accord de partenariat a été trouvé avec le groupe Steel Storage importateur exclusif de PTI pour l’Europe.

De part son passé dans le monde informatique et télécoms, et son activité actuelle d’importateur de produit de vidéosurveillance, de contrôle d’accès et d’intrusion, Gilles Plançon, le gérant de Trustees est train de mettre en place une solution globale unique de sécurité pour les centres de self stockage.

Sa parfaite connaissance des sites (Access, Une pièce en plus, Homebox, Devon, et Annexx) lui permet de mettre en place des systèmes complets de sécurité, tout en s’assurant de sa capacité à s’intégrer dans tous les sites grâce à sa modularité et simplicité.

Cette offre incomparable et sa compétence, vont très certainement faire de Gilles Plançon un interlocuteur incontournable de la sécurité en générale et plus principalement du contrôle d’accès pour le self stockage.

Trustees 14 Allée des Mourettes, 91210 Draveil , Tel: 01 69 52 93 80

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Shurgard Europe vient d’émettre pour 325 million d’Euros d’obligation.

Cette somme permettra de restructurer sa dette à hauteur de 310 million Euros.

Shurgard Europe completes the first securitisation of European self-storage properties.

Shurgard Europe is pleased to announce the successful closing of an investment grade securitisation totalling EUR 325 million. The debt issuance benefits from the strong performance of Shurgard’s core European portfolio and capitalises on the Company’s leading market position. Today, October 15, 2004, Shurgard Self Storage SCA (Shurgard Europe) closed the debt offering, raising a total of EUR 325 million. The transaction, arranged by Citigroup, was structured based on the current and future cash-flows and collateralisation of 101 self-storage assets located across six European countries.

The securitisation was structured within the existing corporate structure, without isolating the assets into newly created companies, thereby allowing Shurgard to maintain maximum operational flexibility. The debt has been structured into three tranches of seven year non-amortising floating-rate bonds and have been assigned the following ratings by Standard & Poor’s and Fitch Ratings: EUR 235 million rated AAA/AA and priced at 3-month Euribor + 0.35%; EUR 40 million rated A/A and priced at 3-month Euribor plus 0.75% and EUR 50 million rated BBB/BBB and priced at 3-month Euribor plus 1.10%. Proceeds will be used for repayment of Shurgard Europe’s outstanding indebtedness of EUR 310 million and for general corporate purposes. The bonds will mature in October 2011 with interest being paid on a quarterly basis starting in January 2005. The structure has been set up to allow for subsequent debt issuance.

The bonds are listed on the Irish Stock Exchange and were heavily oversubscribed, with over thirty banks, investment funds, and insurance companies across Europe purchasing bonds. Steven De Tollenaere, Chief Financial Officer of Shurgard Europe, explains: « This transaction has been very well received by the fixed income markets, with investors attracted to the relatively stable nature of the self-storage business. The transaction enables the Company to secure an attractive long term cost of capital going forward and enhances our ability to access the capital markets as we look to continue Shurgard’s growth in Europe.”

Bruno Roqueplo, President of Shurgard Europe, adds: « The successful re-financing of our core portfolio of assets represents a key milestone towards the implementation of our business plan. Going forward we will focus on enhancing the performance of the securitisation portfolio whilst at the same time looking to grow the business by adding carefully selected sites to the existing portfolio.The successful execution of this strategy will enable Shurgard to further strengthen its leading market position in Europe

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Un pionnier repart à l’aventure.

Carl Hanauer revient dans le self stockage, mais cette fois c’est en Espagne.
En effet, il vient de signer son premier bâtiment à Valencia, une agglomération de 1,3 million habitants qui va accueillir la célèbre coupe de l’America.

Il devrait réaliser un bâtiment avec deux étages en mezzanine, afin d’y développer 5 000 m² de surface louable. Ce site devrait ouvrir ces portes au printemps 2005 et devrait être suivit par 3 autres bâtiments toujours sur Valencia.

Ces implantations sont la suite logique d’une longue carrière qui a commencé en Angleterre dans les années 80, avec un premier bâtiment à l’enseigne Abacus.
En 1989 il développa à Nice, le premier bâtiment de self stockage en France.
Par la suite il ouvrit en région parisienne plusieurs bâtiments aux enseignes aussi diverses que Access, À la clef, Abri-Stock ou Alfa self stockage.

En 1996 il traversa le Rhin pour ouvrir les trois premiers sites de self stockages en Allemagne. La plupart de ses bâtiments furent revendus en 1998 à Security Capital Realty qui unifia les différentes marques sous le nom d’ Access.
Carl Hanauer ne garda alors qu’un seul site, à Nantes qu’il exploita jusqu’en 2003, date à laquelle il le revendit.

Ce nouveau projet est la suite logique pour Carl Hanauer. Nulle doute que cette aventure en Espagne, est promise à un bel avenir.

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