Listed commercial property investor Abacus kicked off a $225 million equity raising on Thursday for the proposed spin-off of its $3 billion portfolio of Storage King self-storage properties.

The downsized institutional and retail offer at a floor price of $1.41 per security will help pay down debt and strengthen the balance sheet of the proposed Abacus Storage King REIT, while providing capital to fund the growth of the portfolio including the construction of new facilities.