CapitaLand offloads StorHub self-storage business for US$136m

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Singapore real estate firm CapitaLand has divested its interests in StorHub, one of Singapore’s largest self-storage businesses, to an unnamed investor for S$185m (US$136.3m).

StorHub’s 74,322 sq.m. portfolio features 12 storage facilities, including 11 properties in Singapore and one asset in Shanghai, CapitaLand announced.

Jason Leow, president and CEO of Singapore & International at CapitaLand, said the sale was part of the group’s capital recycling plans.

“In 2018, CapitaLand divested S$4 billion worth of assets and deployed S$6.11 billion into new investments,” he said.

A StorHub facility (image: CapitaLand)

“We will stay disciplined in recycling our assets for reinvestment and capital redeployment, with an annual divestment target of at least S$3 billion.”

The deal comes at a busy time for the real estate firm after recent fund launches and its takeover of Singaporean peer Ascendas-Singbridge.

Earlier this week, CapitaLand announced it had raised US$391m in the first closing of its debut discretionary equity fund, CapitaLand Asia Partners I fund.

In February, the firm also raised US$556m in the first closing of its maiden discretionary real estate debt fund, CREDO | China.

CapitaLand also received shareholder approval for its S$11bn acquisition of Ascendas-Singbridge recently.

Headquartered and listed in Singapore, CapitaLand has a global portfolio worth more than S$100bn and a market capitalisation of about S$13bn, as of end-2018.