Invista has announced that it has entered into arrangements for new equity investment of US $42.7 million (approx. 29.8 million) by a major US institutional investor into the Big Orange Self Storage Fund ('BOSS'/ 'the Fund'). The new equity will be used to grow the business self storage assets in Asia.
BOSS was established in 2006 and supplies self storage, mini storage and storage management solutions in Hong Kong and Singapore. BOSS currently owns circa 35,000 m² of self storage space across five sites and is regarded as one of the leading operators in the region. currently owned 100% by IREIF. IREIF, in turn, is 50% owned by Invista.
Invista now has 27 staff in the region (22 in addition to existing operations) working directly either; a) within the investment group of Invista; or b) within companies that are responsible for the asset management of BOSS. Duncan Owen, Chief Executive, said: "This substantial new investment into the Big Orange Self Storage Fund is a significant step forward for Invista's Asian focused International Fund (IREIF) and Invista REIM plc as the fund manager and co-investor. It underpins our strategy to continue to both grow and business by geography and fund type.
The new equity will provide BOSS with greater purchase new self storage assets throughout Asia and support our ambitions for its growth while consolidating its position as a leading specialist fund in the region. "Securing new investment only eight months after the original acquisition of in April 2009 is a positive step for Invista and we are excited by the prospect of working with the new investors in BOSS as we continue to develop the business. This illustrates the strength of our Asian Platform."
Broderick Storie, Invista's Head of Asia: "This purchase is strongly aligned with the strategic aspirations of the International Fund. In addition to this, the continued operational success of BOSS coupled with our ability to raise capital, both in a fund and co-investment format, provides further endorsement of the focused and disciplined approach Invista is taking in pursuing investment opportunities in the Asian region."
Source: Invista
