Japan's Mitsuuroko to buy self-storage operator in Singapore
SINGAPORE, NNA - Japanese fuel trading firm Mitsuuroko Group Holdings Co. plans to acquire in October the whole stake in General Storage Co. Pte. Ltd., a Singapore-based company that operates private storage facilities, through its local unit.
Mitsuuroko Group's wholly owned subsidiary in Singapore, Triforce Investments Pte. Ltd., will buy the stake for about S$85.1 million (US$62.7 million) from SingPost Investments Pte. Ltd., a wholly owned subsidiary of Singapore Post Ltd. under an agreement signed Sept. 2, according to Mitsuuroko Group's news release.
Through the planned acquisition, the Tokyo-based Mitsuuroko Group aims to enter the self-storage business, which is considered to a stable enterprise even under the current economic turbulence.
General Storage operates a total of 18 facilities in Singapore, Malaysia and Hong Kong for private storage services. It also provides warehousing facilities, serviced offices and postal services and sells packaging materials.
Under its Lock+Store brand, General Storage offers rental storage units ranging from about 0.93 to 18.6 square meters that are open 24 hours a day and come with security cameras.
Mitsuuroko Group said in the news release that General Storage, established in 2010, is considered to be one of the pioneers of the self-storage industry in Asia. "The advent of smaller homes and changing lifestyles have created a strong demand from personal users" in Asia, it said.
The company set up Triforce Investments in October 2020 to invest in and support global businesses. It plans to continue seeking business opportunities in new technologies and services. (NNA/Kyodo)