It plans to expand self-storage business in region and S'pore
HERSING Corporation said yesterday that it has signed a non-binding memorandum of understanding with a leading global real estate fund for a proposed joint venture relating to Hersing's self-storage business.
Store and more: The deal sees Storhub transferring 4 properties to 4 S'pore-incorporated asset-holding firmsHersing, through wholly owned subsidiary Storhub Self Storage, manages and operates self-storage centres in five locations across Singapore.
The company intends to expand the business throughout the island and into regional countries.
'The proposed joint venture will allow the company to leverage on the financial expertise, network and other resources of the real estate fund for this intended expansion,' Hersing said in a statement.
It did not name the real estate fund.
Under the terms of the MOU, Storhub will transfer four properties - 25A Changi South Street 1, 743 Lorong 5 Toa Payoh, 615 Lorong 4 Toa Payoh, and 15 Changi South Street 1 - to four Singapore-incorporated asset-holding companies, which in turn will be beneficially owned by an entity 80 per cent held by the global real estate fund and 20 per cent by Hersing.
The real estate fund will also buy from Hersing a 20 per cent stake in a company that will be set up to provide property management and asset management services for the asset-holding companies.
Hersing said the deal will allow it to realise capital gains that will enhance shareholder value.
.jpg)
No comments:
Post a Comment