General Storage Co. Pte. Ltd. (GSC), which operates self-storage facilities in Hong Kong, Malaysia and Singapore, has entered a joint-venture agreement with Keiyo Butsuryu Co. Ltd. to operate self-storage locations in Japan under the Private Box brand name, according to a press release. The joint venture, Japan Self Storage Co. Ltd., was registered in Tokyo on Oct. 13.
Initial, paid-up shares will be split 60 percent for GSC and 40 percent for Keiyo. GSC will have 36,000 ordinary shares worth JPY300 million, while Keiyo will pay the balance for 24,000 ordinary shares, the release stated. Following the share subscriptions, Japan Self Storage Co. will become an indirect subsidiary of Singapore Post Ltd. (SingPost), parent company of GSC.
Singapore-based GSC has been actively expanding its footprint in Asia and pursued the joint venture to meet “the rising demand for self-storage in Japan,” the release stated. It acquired the StoreFriendly brand in Singapore in September and four The Store House locations in Hong Kong in July 2014.
“Japan is an important market for us,” said Helen Ng, CEO of GSC. “Given the high population density and income per capital in Japan, we believe there is a growing market and customer demand that we can collaborate to satisfy.”
Keiyo is part of the Maruzen Group of logistics companies, which deal primarily in chemical-related goods and services. Keiyo specializes in warehousing.
GSC operates the Lock+Store self-storage brand in Malaysia and Singapore, the StoreFriendly brand in Singapore, and The Store House brand in Hong Kong. It’s owned by SingPost, the national postal-service provider in Singapore, which acquired the storage company in 2013.