RedBox Hong Kong Appoints Tim Alpe as New CEO

HONG KONG,Feb. 23,2021 -- RedBox Storage (RedBox) today announced it has appointed Tim Alpe as its new Chief Executive Officer,effective from 1 February. After more than seven years at the helm,RedBox founder Simon Tyrrell is stepping up from his role as CEO of the Hong Kong business to a board member and the role of Executive Chairman where he will focus on the company's strategic initiatives.

"I'm delighted to welcome Tim to RedBox at an exciting point in the company's history. The business has grown over 220% in the last four years,and we are on a trajectory to further improve upon that growth over the coming years. This is the right time to make this appointment and seeing the impact Tim has made in his career to date I am very excited to work with him to really cement the RedBox brand as a household name in this sector," said Simon Tyrrell,RedBox founder and RedBox Executive Chairman.

"RedBox aims to be the leading self-storage operator in Hong Kong and we see significant further opportunities for growth. The hiring of Tim as CEO plus Simon's continuing involvement as Executive Chairman positions RedBox well to capitalise on this this positive momentum," said Stuart Jackson,CEO of InfraRed NF,a leading investor in the Greater China real estate market that acquired a 90 per cent stake in RedBox in April 2018.

Tim joins RedBox with almost two decades of international professional management expertise covering sales and revenue,general management and corporate leadership. He has experience in launching,rebranding and product conceptualisations for companies including the InterContinental Hotels Group's Crowne Plaza and Holiday Inn Express brands and Rhombus International Hotels Group. Most recently,as Chief Operating Officer with Ovolo Group Hong Kong and Indonesia,he led the continued growth of the boutique hotel company's portfolio and launched its By Ovolo Collective in South East Asia.

The RedBox mission is to provide stress-free solutions to meet our customers' needs,supported by trusted advice from trained experts that deliver peace of mind and value for money.

"Consistently delivering high quality customer experiences with relevant product positioning is imperative for any consumer-facing business in 2021 and beyond. I am looking forward to utilizing my experience to build the RedBox brand and enhance consumer engagement to enable the future growth for the business" said Tim Alpe,CEO RedBox Storage.

About RedBox Storage

RedBox Storage has been established since 2007 in Hong Kong as a trusted,reliable provider of storage solutions to both consumers and commercial business customers. The company owns/leases and operates five modern facilities,strategically located across Hong Kong,in Shatin,Chai Wan,Yau Tong,Tuen Mun and Tsuen Wan,delivering ease of customer access and space in excess of 400,000 square feet. Each is a large-scale facility enabling RedBox to offer a broad range of different-sized spaces to meet every kind of storage need.

RedBox Storage is committed to meeting and exceeding government compliance regulations and is actively championing even higher standards for the storage industry. We are a Hong Kong business dedicated to serving the needs of local and international businesses and communities who live and work in our great city.

Please visit www.redboxstorage.com.hk for more information.

About Infrared NF

InfraRed NF is a joint venture between InfraRed Capital Partners and Vervain. Established in 2007,InfraRed NF is a leading investor in Greater China real estate with a proven track record of delivering superior returns through a combination of mezzanine financing and value-add investing. InfraRed NF has invested US$1.9 billion across 25 transactions in Greater China.

InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London,Hong Kong,New York,Seoul and Sydney and has launched 18 funds including two listed companies on the London Stock Exchange. With c.160 professionals,InfraRed Capital Partners manages US$12 billion of equity in multiple private and listed funds,primarily for institutional investors across the globe.

Vervain (which includes entities operating under the former name of "Nan Fung China") is a private company established in 2004 and based in Hong Kong. Vervain has a diversified real estate business,including property investment,property development,project management and real estate private equity investments. Vervain's property portfolio comprises high-quality residential,commercial,industrial,serviced apartments and hotel projects in Hong Kong and other global cities including London,Seoul,Tokyo and Da Nang. The company's financial investments include global equities,fixed income portfolios and fund partnerships.

Please visit www.infrarednf.comfor more information.