Hersing In JV Talks To Buy Up To $300m Storage Facilities

Source : The Business Times, May 26, 2008

Property-related Hersing Corporation on Monday said it is negotiating with a leading global real estate fund regarding a possible joint venture (JV) in the self-storage business.

The purpose of the proposed JV is to acquire and develop properties worth up to $300 million (US$221 million) in order to expand StorHub's selfstorage facilities in Asia Pacific.

Hersing provides professional real estate brokerage, valuation, consultancy, property management, money transfer and storage facilities services through ERA, RIA, Coldwell Banker, Western Union and StorHub Self-Storage.

The proposed JV remains subject to, among other things, the fund's satisfactory due diligence, the negotiation and execution of definitive agreements in relation to the proposed JV and the acquisition of new sites, other customary conditions precedent to completion and approval by Hersing's shareholders.

The directors emphasized that no binding agreement in relation to the proposed JV has been entered into, and the proposed JV may or may not materialise. -- BT newsroom