A US institutional investor has invested $42.5 million in Asia self-storage fund, Big Orange.
Invista Real Estate Investment Management, which took over the Big Orange Self Storage Fund in April this year, declined to reveal the identity of the US investor it had secured, but said it had “entered into arrangements” for the new equity injection which will be used to grow the business.
The vehicle was established in 2006 and supplies self storage, mini storage and storage management services in Hong Kong and Singapore. It currently owns around 35,000 square meters of space across five sites.
Duncan Owen, chief executive, called the equity infusion a “substantial new investment” and a “significant step forward” for Invista’s Asian focused International Fund.
The commitment will aide the fund's desire to have greater purchasing power of new self storage assets throughout Asia, consolidating its position as a leading specialist fund in the region.