This Month
Abacus Storage King opens its books after $2.17b takeover offer
A consortium led by southern African billionaire Nathan Kirsh has increased a bid first lobbed in April, and will have six weeks to conduct due diligence.
Kirsh-led consortium returns with $2.2b bid for Abacus Storage
Sources said the board have granted Nathan Kirsh’s Ki Group and US-listed Public Storage due diligence.
May
Storage giant rejects $1.9b buyout bid in fresh takeover twist
Abacus Storage King, with 210 self-storage sites, used a fresh revaluation of its portfolio to reject a bid led by South African billionaire Nathan Kirsh.
The billionaire, his $80b gorilla mate and Storage King’s clean-up job
An offshore giant is trying to use structural issues at the No.2 self-storage player to get set in Australia. The local leader is pushing back. Who will win?
April
Abacus Storage King’s manager calls in bankers as board vets $1.9b bid
On Tuesday evening, the smart money was betting Abacus Storage King is far more likely to extract a price bump out of its present suitor than drum up a new one.
Pressure builds for better offer in battle for Abacus Storage King
Rival operator has taken up a small stake in Abacus Storage, which could potentially block a proposed takeover or force a higher offer.
Tycoon’s $1.9b takeover bid for Abacus Storage faces threat
National Storage REIT’s purchase of a small stake in its rival seems designed to thwart a takeover that could turn Abacus Storage into a bigger competitor.
BlackRock makes inroads into self storage, buys $400m-plus local biz
Street Talk understands BlackRock is poised to acquire StoreLocal, a privately owned player that’s built a $300 million-plus portfolio across Australia.
This $US1b-plus cash bid is a real test of valuations in jumpy markets
Who would have thought Australia would be home to the only $US1 billion-plus cash M&A deal globally since ‘liberation day’?
South African billionaire in $1.9b play for Abacus Storage King
The Kirsh-led consortium said the self-storage operator had delivered weak returns and had no pathway for growth since it was spun off two years ago.
March 2024
Singaporeans plot Aussie self-storage raid with $460m war chest
Singapore-based StorHub has secured $460 million in equity funding to establish a platform in Australia, and already has five assets.
July 2023
Intermediate Capital Group does the heavy lifting at self-storage REIT
We’ve unearthed another deal in the red-hot self-storage sector.
June 2023
‘Better value’ from niche property trusts in volatile times
Unlike large A-REITs that mostly invest in office, industrial and retail assets, these own specialised assets that are less cyclical.
Abacus locks in $3b Storage King demerger raise at $1.41 floor price
Abacus Property Group will come out of a trading halt on Monday to announce completion of its $225 million raising for the Storage King demerger.
Abacus kicks off $225m raising for Storage King REIT spin-off
The de-stapling of Abacus’ self-storage assets and operations will create a $3.1 billion trust with 112 trading self-storage facilities.
Storage king rides hot property to list on ASX
Investors have thrown the commercial property rule book out the window, and it’s up to the big real estate managers to adjust.
May 2023
Abacus self-storage demerger roadshow in two weeks, raising $350m
Fund managers are expecting a roadshow in first half of June, but are yet to receive formal invites.
March 2023
New self-storage play hits fundraising circuit, talks roll-up goals
Like Abacus Property Group or National Storage REIT on the ASX? Meet the KMD Storage Trust.
February 2023
Abacus opens the door to $3b self-storage REIT
The market has plenty of tailwinds, including an imbalance in supply and demand for space, densification of residential property, and the growth of e-commerce, according to Abacus.
January 2023
Indebted REITs unlikely to have to raise emergency capital
Debt is an issue for property companies, but it’s not extreme. And there are some major differences from the big GFC downturn.