he unbundling unlocks value separating the self-storage business which we expect to trade around underlying net tangible assets, unlocking the high implied [35 per cent] discount on the underlying commercial portfolio [of Abacus]
$3 billion portfolio
National Storage has the largest market share (18 per cent), followed by Storage King (14 per cent) and Kennards (12 per cent), according to the Self Storage Association of Australia’s 2022 industry report.
12 trading self-storage facilities and 23 future facilities, and the Storage King operating platform valued at $100 million.
Abacus’ biggest shareholder, the billionaire Kirsh family, which is backing the de-stapling, will own 40 per cent of ASK through its local investment vehicle Calculator Australia
five-year strategy pursued by Abacus chief executive Steven Sewell t
A successful de-stapling of the Storage King portfolio and business will create the country’s second pure-play self-storage REIT and second-biggest behind National Storage REIT, which floated in 2013 and owns and operates a $4.1 billion portfolio of assets