Singapore Post is to buy local self-storage firm General Storage for S$37 million (€23 million)to expand its storage and warehousing activities.
General Storage operates a self-storage business under the Lock+Store brand at two locations inSingapore, at Tanjong Pagar and Chai Chee. SingPost will fully acquire the firm from Asia PacificStorage Company Limited.
SingPost said it has been offering self-storage solutions through S3 (Self Storage Solutions)since 2009. Located at SingPost’s own facility at Ayer Rajah which also houses one of its regionaldelivery bases, S3 provides a one-stop suite of integrated services spanning warehousing,fulfilment, delivery and distribution. SingPost has a network of properties including post officesand delivery bases.
Dr Wolfgang Baier, Group Chief Executive Officer of SingPost, explained: “This acquisition ispart of SingPost’s transformation initiatives, enabling us to further expand our self-storagebusiness S3, with an experienced and leading operator in this industry.
“As an extension of our business, self-storage solutions offer synergies with our existingbusiness in logistics and e-commerce. We expect to further integrate the self-storage business intoour core business by adding delivery and other value-added services to storage solutions. Thisstrengthened expertise in self-storage solutions can also potentially benefit our regionalpartnerships.”
Ng Hin Lee, Group Chief Financial Officer, added: “Self-storage business is an attractive usageoption for the industrial-zoned space of our properties. This acquisition is strategic, paving theway for SingPost to extract greater value from our existing properties.”
SingPost said the expanded service offering would enable it to better serve its individual andSME customers.
