Nuveen Real Estate is acquiring 24Storage, the second largest self-storage operator in Sweden.
Nuveen has acquired c.92.4% of 24Storage via unconditional share purchase agreements and the subsequent launch on 29 November 2021 of a mandatory public tender offer to acquire the remaining shares (and votes) to ultimately take 100% control of 24Storage, said Nuveen in a statement.
The acquisition is based on a share price of SEK 76 per share, equating to an enterprise value of approximately SEK 2.1BN.
24Storage owns 26 assets and a further four assets under development. The assets are centred around Sweden’s three major cities of Stockholm, Gothenburg, and Malmö and comprise approximately 12,000 individual units.
This transaction follows the recent acquisition of Green Storage platform last month, which comprised of 14 existing assets.
”The acquisitions enable Nuveen to build a market-leading platform in Sweden, underpinned by a high-quality portfolio of 44 assets and a highly experienced management team. In addition, the platforms benefit from complimentary strategies with a location-driven focus, digitalised operational platforms and pioneering sustainability credentials,” the company said.
Jasper Gilbey, Head of TIAA General Account and Alternatives in Europe at Nuveen, said: ”We are delighted to be acquiring 24Storage – the second largest self-storage operator in the Swedish market. The company has successfully built up a high-quality real estate portfolio in Sweden’s top three cities and we fully subscribe to their strong focus on technology and sustainability to drive operational efficiencies and provide a future-proofed storage solution.”
”The privatisation of a high profile listed company reinforces Nuveen’s ability to access interesting investment opportunities in both the public and private markets while also demonstrating our commitment to grow our self-storage footprint across Europe. The combined portfolio with Green Storage will create a market-leading platform in Sweden with significant synergies and exciting growth potential in the coming years,” he added.