InfraRed NF, a Hong Kong-based real estate investment fund operated by a joint venture, has invested $50 million to acquire a 90 percent stake in local self-storage operator RedBox Storage Ltd. RedBox intends to use the investment money to expand its Hong Kong portfolio through acquisitions, according to the source.
“InfraRed NF is looking for locations in core urban areas that can be converted into mini-storage,” Stuart Jackson, CEO of the InfraRed NF, told the source. “By the end of this year, the company expects to have a presence in all four first-tier cities in China with 100,000 square meters of total storage space.”
RedBox was founded in 2014 by E3 Capital Partners. It operates two self-storage locations in Hong Kong in addition to offering valet-storage and moving services.
InfraRed NF also invested $28 million in China Mini Storage last year. Launched in 2007, the company is a joint venture between InfraRed Capital Partners and Nan Fung Group, a real estate investment firm founded as a textile company in 1954. The partnership specializes in infrastructure and real estate. It’s launched 17 investment funds including two listed on the London Stock Exchange. InfraRed Capital Partners has more than $25 billion invested in development projects, according to the company website.
Sources:
China Money Network, PE Firm InfraRed Invests US$50M In HK Self-Storage Provider RedBox
InfraRed Capital Partners, Website
