Abacus Property’s $160 Million Acquisition of Five Storage King Sites

Thomson Geer has advised Abacus Property Group on the acquisition.

Abacus Property Group (ASX:ABP) agreed to acquire Portfolio of Five Self Storage Assets in Sydney from Storage King Funds Management Limited for AUD 160 million.

The portfolio of five assets provides more than 25,000 square metres of net lettable area and comprises of three mature stores located in Chatswood, Artarmon and St Leonards, one store in the later stage of stabilisation located in Dee Why, and one recently developed store located in Pymble. 

The transaction, expected to be settled on August 3, 2021, will be funded from existing debt facilities. 

Abacus, a diversified property investment group, owns 101 Storage King facilities and 100 per cent of the Storage King brand and management business.

The Thomson Geer team was led by partner Melinda Graham (Picture) and included partners Luke Aiken and Marc Wyld and lawyers Anni Gao, Andrew Stower and Matthew Yahl.

Involved fees earner: Luke Aiken – Thomson Geer ; Anni Gao – Thomson Geer ; Melinda Graham – Thomson Geer ; Andrew Stower – Thomson Geer ; Marc Wyld – Thomson Geer ; Matthew Yahl – Thomson Geer ;

Law Firms: Thomson Geer ;

Clients: Abacus Property Group ;

Author: Sonia Carcano