Dechert Advises Shurgard on Acquisition of Pickens Self-Storage in Germany

Dechert, a global law firm and counsel to asset managers, financial institutions, and corporations, is advising Shurgard on its acquisition of Pickens Self-Storage.

Shurgard is the largest developer, owner, and operator of self-storage facilities in Europe, and Pickens is a leading provider of self-storage space in northern Germany. The deal represents one of the largest self-storage transactions in the European market in 2023.

Shurgard’s growth strategy aims to expand their business operations across the “Big Seven” cities in Germany: Berlin, Cologne, Dusseldorf, Frankfurt, Hamburg, Munich, and Stuttgart.

The acquisition of Pickens adds six properties to Shurgard's portfolio, enhancing their standing in Germany to become the second-largest both in terms of footprint and property count.

Dechert has represented Shurgard on numerous corporate transactions and real estate acquisitions since 2013 and most recently, in 2023, advised on the acquisition of self-storage operator TopBox.

The Dechert team advising Shurgard included Dr. Olaf Fasshauer (FRE);Giovanni Russo, Carina Klaes-Staudt, Dr. Karl von Rumohr, Gottfried Graf von Bassewitz, Florian Leitsbach, Alexa Serafin, Georg Littmann and Anna Ziegler (all C&S); and Clemens Graf York and Thirith von Doehren (antitrust).