Public Storage priced a €500 million offering of its 0.875% senior notes due Jan. 24, 2032, at 99.502% of par value.
Interest on the notes is payable annually every Jan. 24, starting in 2021.
The self-storage real estate investment trust expects to close the public offering Jan. 24. It aims to use net proceeds to invest in and develop self-storage facilities, to invest in entities that own such facilities and to support general corporate functions.
The joint book-running managers are J.P. Morgan Securities PLC, Morgan Stanley & Co. International PLC, Goldman Sachs & Co. LLC and UBS AG London branch.