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Australia REIT Abacus Property Raises $250M to Pursue Office, Self-Storage Opportunities

Update 9/4/19 – Abacus has agreed to purchase four Storage King self-storage facilities and a development site for $57 million. The acquisitions are in Perth, Australia, and Auckland, New Zealand. The land parcel in Sydney, Australia, will accommodate a multi-story structure, a source reported. Abacus expects the separate deals to close by year-end.


7/29/19 – Abacus Property Group, an Australia-based, publicly traded diversified real estate investment trust (REIT) with interests in office, residential, retail and self-storage properties, recently raised $250 million to help fund portfolio expansion within the office and self-storage sectors. The company is pursuing more than $710 million in investment opportunities in those two markets, while actively reducing its residential and retail holdings, according to a source.

The REIT has targeted funds to increase its stake in the Australian Unity Office Fund and finalize the acquisition of an off-market office property. It also intends to use the raised capital to pursue self-storage acquisition and development opportunities.

The company closed about $180 million in self-storage acquisitions during the last year and has an additional $63 million under contract, with $34 million in deals under consideration, the source reported. Its development pipeline includes about 35,000 square meters, with anticipated annual returns of more than 9 percent. Abacus also owns a minority interest in U.K. self-storage operator Storage King, which also has facilities in Australia and South Africa.

Abacus recently disposed about $150 million of residential investment as well as reworking its retail portfolio. Its moves include entering a joint venture with Australian property group ISPT, in which it retained a 50 percent share in two of its retail assets.

As of June 30 last year, Abacus owned and managed 62 self-storage assets comprising 287,725 square meters, according to its website.

Sources:
Financial Review, Abacus Property Group Buys Five More Self-Storage Properties
The Urban Developer, Abacus Completes $250M Capital Raising
Abacus Property Group, Website

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