Dechert Advises Shurgard on its Acquisition of PRIME in Germany

Dechert advised Shurgard, a leading provider of self-storage in Europe, on its acquisition of the business operations of PRIME self-storage group, including its associated properties across five locations in Germany.

With the acquisition of PRIME, valued at €100 million, Shurgard could reinforce its position as one of the leading providers of self-storage on the German market - both in footprint and number of properties. Shurgard now offers self-storage solutions in 41 properties in Germany, including 31 properties in Germany's "Big Seven" cities.

Self-storage is becoming increasingly important as a flexible storage solution due to demographic change, the shortage of living space and the further densification of urban areas in Germany and Europe and is likely to become an increasingly popular investment opportunity in Europe.

Dechert's Munich office has represented Shurgard in numerous corporate transactions and real estate acquisitions since 2013. Within the last 12 months alone, this was the third multi-site transaction (after the acquisition of the Top Box's portfolio in October 2023, followed by the Pickens' acquisition in March 2024).

The Dechert team that advised Shurgard included global finance national partner Dr. Olaf Fasshauer; corporate partner Giovanni Russo and counsel Gottfried Graf von Bassewitz, associate Florian Leitsbach, Georg Littmann and Dr. Philipp Schöfer; and antitrust partner Clemens Graf York von Wartenburg.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital - from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology.