An affiliate of Japanese fuel-products wholesaler Mitsuuroko Group Holdings Co. Ltd. has signed an agreement to acquire General Storage Co. Pte. Ltd., the Singapore-based company that operates the Lock+Store self-storage brand. Singapore-based subsidiary Triforce Investments Pte. Ltd. is expected to close on the S$85.1 million transaction this month, according to the source.
General Storage operates 18 self-storage facilities in Hong Kong, Malaysia and Singapore. It also provides warehousing, offices and postal services. The acquisition marks Mitsuuroko’s entry into the self-storage sector, the source reported.
“The advent of smaller homes and changing lifestyles have created a strong demand from personal users [in Asia],” Mitsuuroko officials said in a released statement.
Mitsuuroko launched Triforce in October 2020 to invest in new technologies and support service-based businesses, according to the source.
Based in Tokyo, Mitsuuroko primarily sells petroleum products, though it has diversified operations through four business segments: energy, electric power, food and provisions, and particulate matter/health and sports. The latter leases real estate and manages health- and sports-related facilities. Mitsuuroko also has a leasing business and insurance agency, among other services.
Kyodo, Japan's Mitsuuroko to Buy Self-Storage Operator in Singapore