Heitman sells Singapore self-storage JV to Warburg Pincus-backed StorHub

Heitman has plans to exit a self-storage joint venture in Singapore with the sale of Mandarin Self Storage to Warburg Pincus-backed StorHub for an estimated S$230 million ($172.2 million), reported Mingtiandi.

Heitman is understood to have been the primary financial backer of Mandarin with a 90 percent stake in the business, while Angus Miller, an entrepreneur who had created and exited three self-storage businesses in Singapore, Hong Kong and Australia since 1997, held 10 percent ownership.