China: US investment firm The Carlyle Group has acquired a stake in Anxin Apartment, a corporate housing operator in China.
Financial details of the deal were not disclosed. Equity for this transaction came from Carlyle Beijing Partners Fund II, and Carlyle Asia Growth Partners V.
Founded in 2014, Shanghai-based Anxin Apartment provides employee housing solutions to corporates in the service sectors, with a focus on first and second tier cities in China. The company operates three bands, namely Happy Apartment, Cozy Apartment, and Reading Hotel, serving about 2,000 corporate customers across more than 160 apartment complexes in 24 Chinese cities in China.
The company will “leverage Carlyle’s industry expertise and network of portfolio companies to further expand footprint, expedite growth plans, and enhance customer relationship management system and branding”.
“The increasing number of workers in the service sectors moving to first-tier and second-tier cities in China has generated strong demand for well-run affordable housing solutions in these cities,” said Dennis Wang, managing director of Carlyle’s Asia buyout advisory team.
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