General Storage Co. Pte. Ltd. (GSC), which operates self-storage facilities in Singapore under the Lock+Store brand, has acquired Store Friendly Self Storage Group Pte. Ltd. from Store Friendly Asia Holdings Ltd. for $12 million SGD, according to a press release. The StoreFriendly brand operates 12 locations in Singapore.
Based on financial statements as of May 31, 2014, Store Friendly Self Storage Group has a net asset value of $418,041 SGD, adjusting for shareholder loans, the release said. Under the purchase agreement, GSC may make a second payment of $4 million SGD to the seller if certain terms and conditions are fulfilled.
In 2014, GSC CEO Helen Ng said the company intended to double its footprint in Singapore as well as expand into international markets. GSC operates four Lock+Store locations in Singapore. Last July, it acquired four storage properties in Hong Kong from The Store House for approximately $12.12 million SGD.
GSC is owned by Singapore Post Ltd. (SingPost), the national postal-service provider in Singapore. SingPost acquired the storage company in 2013. The StoreFriendly acquisition isn’t expected to have “any material impact on the net tangible assets or earnings per share” of SingPost for its fiscal year ending March 31, 2016, according to the release.