Shurgard Self Storage S.A. (ENXTBR:SHUR) is looking for M&A. Marc Oursin, Chief Executive Officer said, "Third, after these 2 elements, countries, the cities. This is real estate. So what do you buy?

So is it a building that is purposely built? Is it freehold? This is what we're looking for?

93% of our properties are freehold. What is the size of the building, what is the set of the building and all of that exposure, traffic visibility? And then we arrive to, okay, personally, what do you buy?

Low occupancy, high occupancy? So what kind of cash flows do you get there? So that's the discipline we applied on M&A and we do not -- we have done that now for 7 years, and we stick to that.

Then -- and this is applied to the 7 countries. If we have a great opportunity to buy in Copenhagen, even if we do not develop actively what we call organically, meaning buying land and building in Copenhagen, if there is an opportunity in M&A, we do it".