Abacus Property Group’s $50 Million Acquisition Of Storage King

HWL Ebsworth advised Abacus Property Group on the deal.

The deal represented the acquisition of the remaining 75 per cent of Storage King that Abacus did not already own, with the first 25 per cent being acquired back in August 2018.

The acquisition was described by Abacus CEO, Steven Sewell, to the Australian Financial Review, as a “key strategic imperative for Abacus, given our ownership of self-storage assets exceeds $1.2 billion and comprises 40 per cent of our balance sheet”.

This latest acquisition is just one of many that have recently increased Abacus Property Group’s portfolio in the storage facilities market, with further recent acquisitions of self-storage facilities in the Melbourne and Sydney market.

David Clarke (Picture), Partner, in the Sydney Corporate and Commercial Team acted on the acquisition of the balance of Storage King.

Involved fees earner: David Clarke – HWL Ebsworth;

Law Firms: HWL Ebsworth;

Clients: Abacus Property Group ;

Author: Michael Patrini