The StorHub portfolio includes 11 locations in Singapore and one in Shanghai
April 29, 2019: One of the largest real estate development company in Singapore announced that it has sold its interest in the self-storage subsidiary brand StorHub to an unidentified buyer for S$185 million. The move is part of an ongoing prioritization of capital allocation to core markets and sectors, such as office buildings.
“The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling. We will stay disciplined in recycling our assets for reinvestment and capital redeployment, with an annual divestment target of at least S$3 billion.” Said by Jason Leow, president of CapitaLand’s Asia and retail business outside of China.
The firm sold S$4 billion worth of assets and invested S$6.11 billion in new property in the last year. The StorHub divestment comes on the heels of a $391 million raising for a discretionary real estate equity fund, CapitaLand Asia Partners I (CAP I). CAP I will invest in value-add and transitional office buildings in Asia’s key gateway cities, specifically Singapore, Beijing, Guangzhou, Shanghai, Shenzhen, Osaka and Tokyo.
StoreHub launched in 2003, has a portfolio of more than 1 million square feet. It has facilities across Singapore in Bukit Batok, Changi, Hougang, Kallang, Tampines, Toa Payoh and Woodlands. CapitaLand acquired a majority interest in the brand in 2010 for S$39.2 million.