Self-storage company Shurgard UK has exchanged contracts to buy the London-based business, ABC Selfstore, for £50m.

The purchase comprises the three strategically located freehold facilities in Wandsworth, Southwark and Camden.

Simon Higgins of London property consultants, Levy Real Estate, which represented ABC Selfstore in the sale, commented: ‘”The self-storage market is currently very competitive and the portfolio generated considerable interest with all the major providers looking to increase market share across the capital and a number of newcomers seeking to acquire a quality London platform’’

Shurgard Chief Executive, Marc Oursin, commented that the acquisition follows the company’s successful listing earlier in the month and meets its strategy to strengthen its position in “attractive urban areas” particularly in London, Paris and Berlin.

Shurgard is Europe’s largest self-storage business with a market capitalisation of more than €2bn.