StorHub Secures Asia’s First Sustainability-Linked Loan in Self Storage Sector
Issue: Sep 2023
- StorHub’s sustainability-linked loan (SLL) amounting to SGD180 million is the first of its kind in the self storage sector in Asia
- StorHub's sustainability efforts received strong recognition and support from CIMB and UOB
- StorHub is at the forefront of integrating ESG principles across its facilities in Asia
Singapore, September 25, 2023 – StorHub Self Storage Group (StorHub), Asia’s leading self storage platform, announced that it has secured a SGD180 million sustainability-linked loan (SLL) from CIMB and UOB. The SLL, which is the first in Asia’s self storage industry, positions StorHub as a pioneer in the industry and testifies its commitment to long-term sustainability.
The loan features a sustainability-linked margin adjustment tied to two Key Performance Indicators (KPIs) of the environmental performance of StorHub’s 13 properties in Singapore.
StorHub, founded in 2003 in Singapore, is a pioneer in Asia’s self storage industry. While StorHub initially focused on building a market leading presence in the Singapore market, the Company has accelerated its growth over the past four years since Warburg Pincus’ acquisition. Over that period, the Company has acquired and developed approximately 440 stores, becoming Asia’s leading self storage platform with facilities spanning over 6.4 million square feet of GFA and more than 70,000 storage units across Australia, Greater China, Japan, Malaysia, Singapore and South Korea.
Mike Hagbeck, Group CEO of StorHub, said, “As the leader of the self storage industry in Asia, we take immense pride in spearheading the sustainability-driven movement within our industry. This loan exemplifies our steadfast commitment to building a sustainable future and reflects the trust that CIMB and UOB have placed in us to make a positive impact on the environment. We believe that prioritizing sustainability will ultimately create value to our customers, investors, partners, and communities.”
The transaction was led by CIMB and UOB, serving as lenders and joint sustainability advisors and coordinators, with CIMB also acting as agent and security agent.
Mr. Victor Lee, CIMB Singapore CEO, said: “We extend our congratulations to StorHub for successfully securing their inaugural sustainability-linked loan. We take pride in playing an advisory role in its partnership with StorHub, actively contributing to their sustainability endeavours and ESG best practices. Serving as the facility and security agent, we work closely with StorHub to gain insights into their operations and funding requirements, thereby ensuring a seamless procedure. CIMB Singapore strives to pioneer sustainability-driven financial solutions and support our clients and society towards a more sustainable tomorrow.”
Ms. Lim Lay Wah, Group Head of Sector Solutions Group and Global Financial Institutions Group, UOB, said: “We believe that the financial industry has a responsibility to ensure the region’s long-term progress by engaging stakeholders and facilitating their sustainability journey. We are pleased to provide StorHub their first sustainability-linked loan that demonstrates their proactive approach towards embarking on a more sustainable future. UOB is committed to supporting our clients in their ESG endeavours by leveraging our network, solutions and industry expertise.”
StorHub is committed to integrating Environmental, Social, and Governance (ESG) principles into its business operations, investment processes, and stewardship, to promote a sustainable future for its employees, customers, and stakeholders across the region. Many of StorHub’s projects feature solar-powered buildings, LED lighting, AI-enhanced HVAC systems for optimized energy consumption, green roof systems, and electric vehicle charging stations.
StorHub is a leading self storage platform in Asia with operations across key gateway cities in the Asia Pacific region. Founded in Singapore in 2003, StorHub currently owns and manages facilities spanning over 6.4 million square feet of GFA and more than 70,000 storage units across key markets in Australia, Greater China, Japan, Malaysia, Singapore and South Korea. StorHub offers individuals and businesses a range of reliable and secure storage solutions to resolve storage challenges at home or work. For more information, please visit https://www.storhub.com.sg and follow us on Instagram and Facebook.