Abacus Storage King will allow a consortium led by a South African businessman to access confidential information and conduct due diligence after the bidders increased their offer by almost 15 per cent to $2.17 billion.

Nathan Kirsh’s family office, Ki Corporation, and New York-listed Public Storage on Monday raised their all-cash bid to $1.65 per security from their April offer of $1.47 per security – which had been rejected – securing a foot in the door as they did so to take a detailed look at the Abacus books.