Shurgard Europe, the largest self-storage company in Europe with 170 centres in seven countries, has cancelled its flotation, blaming adverse market conditions.

The company, which is owned by the world’s largest self-storage company, the California-based Public Storage, had hoped to follow Big Yellow, Safestore and Lok’nStore into the European public arena.

Shurgard Europe, which is based in Brussels and run by Steven De Tollenaere, aimed to raise €700m-€900m (£475m-£610m) and list on Euronext Brussels.

The cancellation is the latest in a line of failed property flotations. Dutch property company Uni-Invest said on Tuesday it had cancelled a E373m (£251m) on Amsterdam’s Euronext exchange. It followed those of Vector Hospitality in London, Boetzelen Real Estate in Germany and Spain's Reyal Urbis and Tremon.