SingPost to acquire self-storage business
Singapore Post is expanding its self-storage business with the acquisition of the locally-based Lock+Store company for S$37m ($30.2m USD). SingPost said on Monday it was set to acquire a 100% stake in the Lock+Store operating company, General Storage Company Pte. Ltd., from Asia Pacific Storage Company Limited.
The acquisition target has facilities located in two separate sites, Tanjong Pagar and Chai
The addition expands the self-storage solutions that SingPost has been offering through S3 (Self Storage Solutions) since 2009.
Located at SingPost’s own facility at Ayer Rajah which also houses one of its regional delivery bases, S3 provides a one-stop suite of integrated services spanning warehousing, fulfilment, delivery and distribution. SingPost has a network of properties including post offices and delivery bases.
SingPost said the acquisition would allow an expanded service offering that would make it able to better serve its individual and SME customers.
Dr Wolfgang Baier, Group Chief Executive Officer of SingPost said: “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. We expect to further integrate the self-storage business into our core
business by adding delivery and other value-added services to storage solutions. This
strengthened expertise in self-storage solutions can also potentially benefit our regional
Mr Ng Hin Lee, Group Chief Financial Officer added: “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.”