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LONDON, April 11 (Reuters) - European self-storage company Shurgard has agreed to buy UK-listed rival Lok'nStore in a deal worth 378 million pounds ($474 million), the companies said in a joint statement on Thursday.
Shurgard has agreed to spend 11.10 pounds in cash for each Lok'nStore share, which it said represents a 15.9% premium to its closing price on April 10.
"The acquisition will allow Shurgard to increase its footprint in the two most attractive target markets outside of London," the company said in a statement.
The acquisition, expected to be completed in July, will add Lok’nStore's 32 properties in the South East of England and five more in Manchester.
