{"id":789,"date":"2021-12-01T11:41:23","date_gmt":"2021-12-01T11:41:23","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=789"},"modified":"2021-12-01T11:41:23","modified_gmt":"2021-12-01T11:41:23","slug":"shurgard-bows-to-tiaa-t-c-storage-in-bid-for-sweden-self-storage-operator-24storage","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/shurgard-bows-to-tiaa-t-c-storage-in-bid-for-sweden-self-storage-operator-24storage\/","title":{"rendered":"Shurgard Bows To TIAA \/ T-C Storage In Bid For Sweden Self-Storage Operator 24Storage"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<em><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">Shurgard Self Storage withdrew its offer to purchase 24Storage after financial-services firm Teachers Insurance Annuity Association of America (TIAA) increased its bid to SEK 76 per share. TIAA, bidding through Sweden affiliate T-C Storage BidCo AB, initially offered SEK 62 per share on November 8th before Shurgard made a larger offer. T-C Storage has agreed to buy 92.38% of 24Storage outstanding shares and set an acceptance deadline of December 13th, according to a press release.<\/span><\/span><\/span><\/em><\/p>\n<p><span style=\"color: #000000;\"><em>\u201c<\/em><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><em>The offer from TIAA validates Shurgard\u2019s interest in 24Storage and underpins the strong investor interest in self-storage assets,\u201d<\/em> Shurgard officials said. <em>\u201cShurgard remains committed to generating value for all its stakeholders, and this does not change Shurgard\u2019s interest or strategy to grow Shurgard in Sweden, where Shurgard continues to remain the largest self-storage operator by square meter.\u201d<\/em><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">The 24Storage Bid Committee won\u2019t issue a new recommendation regarding the T-C Storage offer due to conflicts\u00a0of interest among committee members, 24Storage officials said.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">TIAA affiliate Nuveen Real Estate\u00a0acquired the Green Storage portfolio\u00a0in Sweden earlier this month. TIAA created T-C Storage in June as a Swedish limited liability company specifically to make the 24Storage bid, according to a TIAA press release.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">Founded in 1918, TIAA offers investment options across different asset classes including real estate and other specialized portfolios. Its investment platform, TIAA General Account, has invested in a diversified portfolio of $283 billion in assets, with more than $48 billion invested in real estate. Nuveen and its branded affiliates manage TIAA\u2019s capital, with approximately $1.2 trillion in global assets under management. Nuveen has about $1.5 billion in self-storage assets under management in Europe and the United States. It will serve as the investment adviser to T-C Storage, the release stated.<\/span><\/span><\/span><\/p>\n<p><strong><a href=\"https:\/\/www.insideselfstorage.com\/europe\/shurgard-bows-tiaat-c-storage-bid-sweden-self-storage-operator-24storage\"><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\">Source<\/span><\/span><\/span><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shurgard Self Storage withdrew its offer to purchase 24Storage after financial-services firm Teachers Insurance Annuity Association of America (TIAA) increased its bid to SEK 76 per share. TIAA, bidding through Sweden affiliate T-C Storage BidCo AB, initially offered SEK 62 per share on November 8th before Shurgard made a larger offer. T-C Storage has agreed to buy 92.38% of 24Storage outstanding shares and set an acceptance deadline of December 13th, according to a press release. \u201cThe offer from TIAA validates Shurgard\u2019s interest in 24Storage and underpins the strong investor interest&hellip;<\/p>\n","protected":false},"author":13,"featured_media":790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/789"}],"collection":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/comments?post=789"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/789\/revisions"}],"predecessor-version":[{"id":791,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/789\/revisions\/791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/790"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}