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StorHub Acquires Mandarin Self Storage Portfolio in Singapore

Article-StorHub Acquires Mandarin Self Storage Portfolio in Singapore

StorHub, which operates more than 40 self-storage facilities across seven Asian countries, has acquired Mandarin Self Storage for about S$230 million from a joint venture between global real estate investment-management firm Heitman LLC and entrepreneur Angus Miller. The transaction includes a 600,000-square-foot portfolio of five facilities in Singapore as well as the management company that operated the properties, according to the source. The acquired assets are:

  • 9 Bukit Batok Street 22
  • 10 Chia Ping Road
  • 20 Old Toh Tuck Road
  • 26 Riverside Road
  • 91 Defu Lane 10

The portfolio was 77% occupied at the time of sale. Heitman is believed to have owned 90% of the Mandarin portfolio, with Miller holding a 10% stake, the source reported.

Heitman entered the self-storage industry in 1996 and manages more than $7 billion of assets worldwide. Since 2020, it’s acquired All Seasons Self Storage in Germany and Space Station Self Storage in the United Kingdom as part of its global-diversification investment strategy. Last year, Heitman formed a joint venture with U Store It to expand the self-storage operator’s footprint across Ireland and Northern Ireland.

Founded in 1966, Heitman has 10 offices worldwide and more than $53 billion in properties under management, according to its website.

StorHub has been actively expanding its footprint, having made five acquisitions in Hong Kong last year.

Launched in 2003, StorHub operates self-storage facilities in China, Hong Kong, Japan, Korea, Malaysia, Singapore and Thailand. Its portfolio comprises more than 4 million square feet of gross floor area, with more than 51,000 storage units, according to the company website.

Source: Mingtiandi, Heitman Sells Singapore Self-Storage JV to Warburg Pincus-Backed StorHub

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