StorHub, a joint venture between CapitaLand and Hersing Corp., has purchased an industrial property in Singapore to convert into a self-storage facility. When completed in April 2012, the facility will be the company's seventh in the growing Singapore market.
The company purchased the property, 31 Admiralty Road, from AIMS AMP Capital Industrial REIT, a real estate investment trust, for $16.5 million. The building encompasses 137,187 square feet. It's in the vicinity of the residential and light industrial estates of Marsiling and Woodlands.
Launched in 2003, StorHub has facilities in Changi, Toa Payoh and Kallang. In addition to self-storage, the company also offers tenant insurance and pick-up service.