InfraRed NF invests in Hong Kong’s premium self-storage provider

4 April 2019 Investments

InfraRed NF, the leading Greater China real estate investment manager, is pleased to announce the acquisition of a 90% shareholding in RedBox Storage Limited (“RedBox”), a premium self-storage provider in Hong Kong.

The initial commitment of US$50 million forms the equity component of a business plan seeking to create the market leading self-storage platform in Hong Kong through a series of direct property acquisitions across the territory.

RedBox is InfraRed NF’s second investment in the self-storage market after investing US$28 million in China Mini Storage, an intelligent technology-led, leading self-storage operator in China, in 2017. InfraRed NF will bring existing knowledge of the industry as well as expertise as one of Greater China’s leading real estate investors to support RedBox’s preferred model of owning its own sites providing longevity and long-term security to its customers.

RedBox was founded in 2014 by E3 Capital Partners and offers the highest quality facilities including climate control and 24-hour security. RedBox leads the market in terms of security and the strategically located high profile sites are being optimally designed for fire safety, in keeping with local regulations.

The company is rapidly expanding to provide flexible bespoke storage solutions for personal and business customers across the territory. By the end of the investment program RedBox will command a leading market share in over seven key districts to provide its customers with clearly differentiated self-storage solutions defined by value-for-money and impeccable service.

Stuart Jackson, CEO of InfraRed NF, said: “This is an exciting time for RedBox as it continues to develop into the market leader in Hong Kong. Ownership of their properties provides an attractive real estate investment opportunity in a market where demand for self-storage is high and supply is constrained by the Government revitalisation programme and regulations following the 2016 fire in Ngau Tau Kok.”

Simon Tyrrell, CEO of RedBox, said: “InfraRed NF’s investment will be used to expand our existing operations across additional sites in Hong Kong and further develop our technology and logistics platform to continue to lead the industry into the next generation of self-storage. We are excited to work with InfraRed NF as they will bring significant value through their wealth of knowledge of the sector as well as the wider real estate market, and this will support us with the next stage of our development.”

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