Blackstone Buys Hong Kong Industrial Building for Self-storage JV
Monday, November 29, 2021
(Mingtiandi by Beatrice Laforga) – US private equity giant Blackstone on Thursday closed on the purchase of its third Hong Kong industrial building this year, picking up a property in Shau Kei Wan held by the family of late “Shop King” Tang Shing-bor to add to its self-storage holdings in the city, according to sources familiar with the transaction.
Blackstone purchased the 69,680 square foot (6,473 square metre) Elegance Printing Centre at 8A Kung Ngam Village Road for HK$500 million ($64 million) from the family of the late investor, as the shop king’s heirs scramble to raise cash to pay off creditors following the patriarch’s death in May of this year.
The eastern Hong Kong island asset is the latest Hong Kong industrial acquisition for Blackstone this year, following the fund manager’s HK$282.6 million purchase of a potential data centre property in the Fanling area in September and the HK$508 million buy of a 10-storey tower in Kwun Tong in April, which the firm has already opened as a Storefriendly location through a joint venture with the local self-storage operator.
This latest transaction, which was first reported by the Hong Kong Economic Times, closed on Thursday with Cushman & Wakefield representing both parties. The property consultancy had also advised Blackstone on its acquisition of the New Media Tower in Kwun Tong in April. Company representatives from Blackstone declined to comment on the deal.
