CapitaLand divests StorHub self-storage business for S$185 million
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CapitaLand announced today that it has divested its interests in a group of companies that own and manage the Group’s self-storage business StorHub to an unrelated third party. The transaction is based on an agreed value of S$185 million for StorHub’s portfolio of properties.
StorHub is one of Singapore’s largest self-storage networks, with a presence in China. Its portfolio comprises 12 storage facilities – 11 in Singapore and one in Shanghai – with a total lettable area of approximately 800,000 square feet.
Mr Jason Leow, President & Chief Executive Officer of Singapore & International, CapitaLand Group, said: “The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling. Our portfolio optimisation allows us to prioritise our capital allocation to our core markets and sectors. In 2018, CapitaLand divested S$4 billion worth of assets and deployed S$6.11 billion into new investments. We will stay disciplined in recycling our assets for reinvestment and capital redeployment, with an annual divestment target of at least S$3 billion.”
Questions & Answers
Q.What is the agreed value for StorHub's portfolio of properties in this transaction?
What is the agreed value for StorHub's portfolio of properties in this transaction?
The agreed value for StorHub's portfolio of properties as part of this transaction is S$185 million. This figure underpins the divestment of CapitaLand's interests in the self-storage business to an unrelated third party.
Q.How many facilities does StorHub operate and where are they located?
How many facilities does StorHub operate and where are they located?
StorHub operates a total of 12 self-storage facilities. Eleven of these facilities are located in Singapore, with the remaining one situated in Shanghai, China, as part of its network.
Q.What is the total lettable area across all of StorHub's properties?
What is the total lettable area across all of StorHub's properties?
StorHub's entire portfolio of properties, which includes its facilities in Singapore and Shanghai, has a total lettable area of approximately 800,000 square feet.
Q.What was CapitaLand's divestment target for assets on an annual basis?
What was CapitaLand's divestment target for assets on an annual basis?
CapitaLand's annual divestment target for assets is at least S$3 billion. This strategy aims to support reinvestment and capital redeployment within the Group's portfolio optimisation efforts.
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