Capitaland Investment and APG to Acquire Extra Space Asia
Posted on 10/27/2022
Capitaland Investment and APG Investments Asia entered into a joint venture with an initial equity investment of S$ 570 million to establish a self-storage platform.
The deal comes with an option to increase their investment up to S$1.14 billion, with APG contributing 90% and Capitaland Investment contributing the remaining 10% to acquire Extra Space Asia (ESA) and grow the platform. ESA is a self-storage business with owned and leased facilities in various Asian cities. It generates the bulk of its net property income in Singapore.
Post-acquisition, ESA will be repositioned into an operating company/property company structure to facilitate future expansion. Capitaland Investment is the listed investment management business arm of CapitaLand Group, while APG Investments Asia is the investment manager for APG Asset Management.
Some History
In 2007, Extra Space Asia establishes its first 2 facilities in IMM Building, Singapore and Boon Keng Road, Singapore. In 2008, Extra Space Asia opens its 3rd Singapore facility in Eunos Link.
In 2010, Extra Space Asia opens its 1st Korean facility in Gangnam, Seoul as well and its 4th facility in Marymount Road, Singapore.
Extra Space Asia is a joint venture between then CEO Michael Hagbeck (until March 2014), Singapore-listed engineering services firm Boustead Holdings, and investors headed by Lazard Ltd. Boustead sold its stake in Extra Space Asia in the fourth quarter of 2012, making a S$ 5.8 million gain.
Keywords: Stichting Pensioenfonds ABP, Extra Space Singapore Holdings Pte. Ltd.
