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Two Blackstone funds have sold its interest in 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.
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.
The sellers are Blackstone Real Estate Partners VII and Blackstone Real Estate Partners Asia, reported Mingtiandi.
The sale is part of the funds’ efforts to dispose some assets.
Blackstone Real Estate Partners VII reached a final $15.8 billion close in October 2015 and the debut Blackstone Real Estate Partners Asia fund closed on $5 billion in financing in December 2014.
