Five Storage King managed assets were sold to Abacus Property for $160 million. Image – Storage King.
  • Five assets managed by Storage King sold to Abacus
  • Total consideration was $160 million
  • More than 25,000sqm in NLA

Last week, Abacus Property (ASX: ABP) acquired one-third of Myer Melbourne. Prior to that, the company joined Charter Hall in a consortium to purchase 241 Adelaide Street.

Back in April, Abacus added to its self-storage portfolio with five new properties across Adelaide and Sydney; the company also took out interest in the remainder of The Oasis Centre in Queensland.

Sydney self-storage acquisitions

Abacus has added five new assets to its self-storage portfolio. Managed by Storage King, the five assets have gone to Abacus for $160 million, excluding transaction costs.

The storage assets are situated within the Sydney Significant Urban Area, as defined by the Australian Bureau of Statistics, all located north of the Sydney CBD.

With a total net lettable area of over 25,000 square metres, the acquisition comprises 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.

Steven Sewell, Managing Director for Abacus Property said the properties were located in areas with both demand and dough to spare.

“The assets are located within tightly held catchments, benefitting from significant self storage demand generated from above average household incomes, large proportions of renters and continually increasing density from apartment development.

Steven Sewell, Managing Director for Abacus Property

Other news: Cbus returns from property strong

Hot property means hot returns and for those with superannuation in Cbus, that was something to celebrate.

The company said it has been able to provide a 19.34% return for the company’s ‘Growth’ product, despite market volatility.

This comes as the company flexed its property expertise.

“As banks were tightening lending, Kristian and his team were able to support successful developments to keep going at pivotal time for the construction industry. Cbus Property has also been able to commit to new projects during the height of the pandemic.”

Justin Arter, Cbus Super CEO

In the course of those investments, the company has enabled the delivery of 862 new residential units, and 471 apartments.

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