However, Hanison’s rationale for purchasing the company appears to focus more on the value of its real estate assets than on the future of personal storage. In 2018 Minibox had net profit after taxation and extraordinary items of $17.9 million, up from $7.6 million in 2017. Most of Minibox’ value appears to derive from this building in Chai Wan The acquisition provides Hanison, which already has a portfolio of four major significant industrial assets in Hong Kong, with three additional properties used by the storage business.
Under the terms of the sale and purchase agreement, as described in the stock market announcement, Hanison is acquiring the equity and shareholder loans associated with the operating firm and the property holding company that comprise Minibox. The acquisition by Hanison, which focuses on redevelopment projects in Hong Kong, comes as Blackstone continues to dispose of assets from its Real Estate Partners VII and Blackstone Real Estate Partners Asia funds. Hanison Construction, which is majority owned by the Cha family of Discovery Bay fame, has agreed to pay HK$735 million ($94 million) to acquire Minibox, a provider of personal storage units in the city, from companies controlled by Blackstone Real Estate Partners VII and Blackstone Real Estate Partners Asia, according to the developer’s statement. Payson Cha’s Hanison specialises in redevelopment projectsĪ pair of funds managed by Blackstone are selling a Hong Kong-based self-storage company to a developer controlled by one of the city’s wealthiest families, according to a stock exchange announcement today.
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