CapitaLand sells self-storage business StorHub for $185m

Its portfolio comprises 12 storage facilities with a total lettable area of approximately 800,000 sqft.

CapitaLand 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 for $185m, an announcement revealed. 

StorHub is said to be one of Singapore’s largest self-storage networks, with a presence in China. Its portfolio comprises 12 storage facilities, of which 11 are in Singapore and one in Shanghai, with a total lettable area of approximately 800,000 sqft.

According to Jason Leow, president & CEO of Singapore & International, CapitaLand Group, 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 $4b worth of assets and deployed $6.11b into new investments,” he highlighted, adding that the firm will stay disciplined in recycling its assets for reinvestment and capital redeployment, with an annual divestment target of at least $3 billion.