PROPERTY giant CapitaLand can now lay claim to owning Singapore's largest self storage company, following a move to acquire the business behind four self storage facilities here.
In a regulatory filing yesterday, CapitaLand said it bought all of BSG Holdings through its wholly owned subsidiary StorHub Singapore Investment, from Invista Real Estate International Holdings.
It also acquired the Big Orange Self Storage Singapore business through another wholly owned subsidiary StorHub Management, which gives it control of the Big Orange brand that runs four self storage facilities in Singapore. The four properties were ultimately owned by BSG Holdings.
The consideration for the acquisition was $91.8 million, on a pro forma basis of consolidated closing accounts as at yesterday. The accounts will be audited and incorporate the adjustments to net assets of BSG Holdings as at the completion date of the deal yesterday. Any difference to the $91.8 million will be paid for or refunded by StorHub Singapore Investment or Invista accordingly.
StorHub is the brand under which CapitaLand operates its self storage business. CapitaLand bought a controlling stake in the business from Hersing Corporation in 2010 for $39.2 million.
CapitaLand shares lost 7 cents, or 2.3 per cent, yesterday at $3.01.