CapitaLand sells self-storage business StorHub for S$179.5m

CAPITALAND has sold a group of companies that own and manage its self-storage business, StorHub, for an aggregate S$179.5 million to an unrelated and undisclosed buyer.CAPITALAND has sold a group of companies that own and manage its self-storage business, StorHub, for an aggregate S$179.5 million to an unrelated and undisclosed buyer.

Of the total aggregate, S$167.5 million is in outstanding shareholder loans owed by the group of companies to StorHub Group Pte Ltd and has been assigned to the buyer, who will pay in stages. StorHub Group Pte Ltd will continue to be wholly owned by CapitaLand post-divestment. The remaining S$12 million is the equity component for the shares of the group of companies, which will be paid in stages and is subject to post-completion adjustments.

According to CapitaLand, the transaction is based on an agreed value of S$185 million for StorHub’s portfolio of 12 self-storage properties - 11 storage facilities in Singapore and one in Shanghai. They have a total lettable area of about 800,000 square feet.Jason Leow, president and chief executive officer of Singapore and International, CapitaLand Group, said the"divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling".

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: CapitaLand, Croesus Retail Trust, Sabana Reit, Datapulse, Global InvacomTHE following companies saw new developments that may affect trading of their shares on Monday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Stocks to watch: CapitaLand, Sabana Reit, Datapulse, Global InvacomTHE following companies saw new developments that may affect trading of their shares on Monday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Dutch chipmaker NXP invests in Chinese self-driving technology company Hawkeye[BENGALURU] Dutch chipmaker NXP Semiconductors NV said on Wednesday that it has invested in Chinese self-driving technology company Hawkeye Technology Co Ltd to expand its footprint in the automotive radar market in China. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Uber nears investment deal for self-driving car unit: ReportUber Technologies Inc is nearing a deal with a group, including SoftBank Group Corp, to invest in its self-driving car unit to be valued at ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »