SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 12, 1999
Date of Report
(Date of earliest
event reported)
SHURGARD STORAGE CENTERS, INC.
(Exact name of registrant as specified in its charter)
Washington 0-23466 91-1603837
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
1155 Valley Street, Suite 400
Seattle, Washington 98109
(Address of principal executive offices, including zip code)
(206) 624-8100
(Registrant's telephone number, including area code)
Item 5. Other Events
On October 12, 1999, Shurgard Storage Centers, Inc. entered
into a European joint venture agreement with San Francisco
based Fremont Realty Capital, Deutsche Bank AG, AIG Global
Real Estate Investment Corporation and Credit Suisse First
Boston. The new investors have committed 122 million Euro
to Shurgard Benelux & Co. SCA, Shurgard's European operating
company, in exchange for a 43% interest in this company.
Concurrently, the company established a 140 million Euro
credit facility with Credit Suisse First Boston. The
additional financial resources provided by these agreements
will be used to execute the company's European expansion
plan.
Under the terms of the joint venture agreement, the 122
million Euro in equity capital will be funded through
periodic contributions between now and December 31, 2001.
Additional terms of the agreement provide for an earn out
that allows the existing Shurgard Benelux shareholders to
receive up to 10 million Euro in additional equity based on
exceeding certain development targets prior to December 31,
2001. Shurgard continues to control the selection all of
the sites through its extensive real estate evaluation
process as well as the design and construction management of
all future property developments. Although each of these
investors will be represented on the reconstituted European
Management Review Board, Shurgard will control 50% of the
voting rights. Shurgard now owns approximately 7% of
Shurgard Benelux.
SHURGARD STORAGE CENTERS, INC.
Dated: October 18, 1999
By /s/Harrell Beck
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Harrell Beck, Chief Financial Officer
