CapitaLand sells StorHub self-storage business for $185 mil

By Amy Tan / EdgeProp | April 24, 2019 1:59 PM SGT
CapitaLand has sold its interest in StorHub to an unrelated third party for $185 million. The self-storage business is one of Singapore’s largest with a total lettable area of approximately 800,000 sq ft. It has a total of 12 storage facilities – 11 in Singapore and one in Shanghai, China.
“The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling. Our portfolio optimization allows us to prioritise our capital allocation to our core markets and sectors,” says Jason Leow, CapitaLand Group’s President and CEO of Singapore and International. He adds that the group has an annual divestment target of at least $3 billion.