The completion of an acquisition by CapitaLand Limited of a major stake in Hersing Corp.’s self-storage business in Singapore has been delayed. Hersing operates StorHub Self Storage. The acquisition is now expected to be completed at the end of July.
Hersing requires more time to get regulatory approvals, including approvals from Housing & Development Board and Jurong Town Corp., the Head Lessors of the properties.
CapitaLand said in April it would pay S$39.2 million to acquire a major stake in Hersing's self-storage business. A joint venture company was created, with 62 percent owned by CapitaLand and 38 percent owned by Hersing.
The joint venture is expected to purchase Hersing’s StorHub Self Storage brand and four of its properties for S$60 million, and another S$3.2 million for the management. The properties are located in Toa Payoh and Changi.
Source: The Business Times, CapitaLand-Hersing JV Completion Delayed a Month to End July