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Public Storage's European affiliate explores going public

Shurgard Self Storage Europe Sarl, a Public Storage affiliate, is exploring a possible IPO to tap into what Public Storage Chairman and CEO Ronald Havner said are "excellent growth opportunities" in the European self-storage market.

The self-storage real estate investment trust acquired its stake in Shurgard Self Storage through the purchase of Shurgard Storage Centers Inc. in August 2006. It later sold 51% of its stake in Shurgard Self Storage to an institutional investor, with Public Storage becoming the managing member of the joint venture.

Shurgard Self Storage develops self-storage properties in Europe, with its current portfolio comprising more than 220 facilities spanning about 12 million net rentable square feet across Belgium, Denmark, France, Germany, the Netherlands, Sweden and the U.K.