In an effort to increase its asset portfolio in Asia, the Washington State Investment Board (WSIB) was named as the investor in Crane Capital in a HK$420 million ($54 million) transaction in Hong Kong, according to Mingtiandi.
Crane Capital has plans to purchase a 19,792-square-foot property located at 111 High St. in Hong Kong from Payso Cha’s Hanison Construction Holdings. The property features 790-square-foot two-bedroom units, which rent for HK$54,000 ($7,000) per month.
The deal follows the recent launch of Crane Capital, which was created in February as a platform for Evergreen Real Estate Partners, a $5.7 billion real estate investment fund established by London’s M3 Capital Partners, according to Mingtiandi.
WSIB has committed $200 million to Crane Capital and has agreed to transfer an additional $400 million of assets from Evergreen to its new portfolio.
Evergreen has assembled a portfolio of specialized property assets, such as student housi
