Abacus Property

Abacus Property Group says it is on track for the proposed de-stapling of the Groups' Self Storage assets into Abacus Storage King (ASX:ASK)

Abacus Group has announced its intention to create a new ASX listed Self Storage REIT to be known as Abacus Storage King REIT (ASK) to hold the 127 self storage assets currently owned by Abacus.

Abacus announced their results for 1H23 delivering FFO of $81.4 million, up 0.4% on HY22 and FFO per security of 9.1 cents, down 7.0% on HY22.

Group and Abacus Group announced their joint application to develop a podium extension at 201 Elizabeth Street in Sydney’s CBD, has received approval from the City of Sydney.

Abacus released their FY22 results with an 18% gain in funds from operations following a $1.2bn investment spend.

Abacus Property Group has extended its interest rate hedging and debt maturity profiles and finalised the conversion of two troubled sites.

Abacus Property Group has simultaneously exchanged and settled contracts to dispose of a 50% interest in 464 St Kilda Road, Melbourne VIC to co-owner Wing Tai.

Abacus Property Group have announced a fully underwritten capital raising of $200m to replenish its investment capacity for continued deployment into acquisitions yet to settle and into the identified development and expansion pipeline in its Self Storage portfolio.

A precinct-defining 14ha site is set to re-shape the East Bentleigh landscape in the largest land sale seen in suburban Melbourne in recent years

Abacus announced its results for the half year ended 31 December 2021 with earnings per security up 8.2% from a resilient self storage sector which now comprises over 50% of FUM in the group.

Abacus Property Group will exit its remaining residential development and mortgage legacy loan positions by converting two loans to equity and in the refinance of a third.

Abacus Property Group has exchanged contracts to acquire a 100% leasehold interest (296 years remaining) in 77 Castlereagh Street, Sydney NSW, with settlement anticipated in January 2022.

Abacus Property Group has been active of the 1st quarter of FY22 to grow its portfolio of Self Storage locations and to manage operating conditions in its Commercial portfolio due to the Covid-19 related impacts across Australia and New Zealand.

Abacus Property Group has recorded a 4.5% gain in value across its portfolio, adding $140m of value.

Abacus has agreed term to acquire another 5 Storage King assets in Sydney for $160m.