by Cheryl Tay
Postal service provider Singapore Post (SingPost) has acquired General Storage Company from Asia Pacific Storage Company for S$37 million, in an effort to expand its self-storage business.
Currently, SingPost operates its own self-storage business dubbed Self Storage Solutions (S3), offering warehousing, fulfilment, delivery and distribution services to customers.
“This acquisition is part of SingPost's transformation initiatives, enabling us to further expand our self-storage business S3, with an experienced and leading operator in this industry. As an extension of our business, self-storage solutions offer synergies with our existing business in logistics and e-commerce,” said Wolfgang Baier, Group CEO of SingPost.
Meanwhile, General Storage, which has facilities in Chai Chee and Tanjong Pagar, operates under the Lock+Store brand.
SingPost announced that the S$37 million sale price will be funded fully by internal resources.
Ng Hin Lee, Group Chief Financial Officer of SingaPost, noted, “The self-storage business is an attractive usage option for the industrial-zoned space of our properties. This acquisition is strategic, paving the way for SingPost to extract greater value from our existing properties.”
Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email firstname.lastname@example.org