Hersing Corp. of Singapore, which operates StorHub Self Storage, a Western Union money-remittance business and ERA Real Estate, has entered into a joint venture with Cap Store, a wholly-owned subsidiary of CapitaLand, to expand its business in providing self-storage facilities.
The joint-venture, StorHub, will hold the property assets of the business. In the deal, Hersing's subsidiary StorHub Self Storage will sell four of its self-storage companies to the new joint-venture firm for $60 million. The assets will then be bought by StorHub.
The properties are valued at an estimated $63 million by CB Richard Ellis, according to reports. The transaction is expected to be completed on June 30.
Hersing holds the master franchise rights for the ERA Real Estate brand in the Asia-Pacific region as well as Coldwell Banker Real Estate's residential and commercial franchises. Hersing is also Western Union’s agent partner for Singapore.
Source: Channel News Asia, Hersing Corporation in JV With Cap Store to Expand Business