CapitaLand divested StorHub self-storage business for S$185m.

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. The transaction is based on an agreed value of S$185m ($136m) 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 800k square feet. “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$4bn ($2.9bn) worth of assets and deployed S$6.11bn ($4.5bn) 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$3bn ($2.2bn)," Mr Jason Leow, President & Chief Executive Officer of Singapore & International, CapitaLand Group.