General Storage Company (GSC), a wholly-owned subsidiary of Singapore Post, has acquired the Store Friendly Self Storage Group (SFG) from Store Friendly Asia - the largest self-storage network in the region.
The acquisition of Singapore-based SFG, which provides personal and business storage facilities services, amounted to $12 million in cash and was funded from SingPost's internal resources.
GSC may pay another $4 million to Store Friendly Asia if certain conditions are met.
"The acquisition will increase GSC's presence across Singapore, making us the self-storage provider with the most number of facilities here (15). Customers of Store Friendly, especially those operating e-commerce businesses, will benefit from our value-added services such as parcel delivery," noted GSC's Group CEO Helen Ng.
In a statement released via SGX on Tuesday, SingPost said the deal is not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending 31 March 2016.