Find Local Storage

 
Australia REIT Abacus Property Raises $250M to Pursue Office, Self-Storage Opportunities
Abacus owns and manages 62 self-storage assets comprising 287,725 square meters

July 28, 2019: Australia-based REIT Abacus Property Group 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, while actively reducing its residential and retail holdings. 

The company 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.

Last year the company closed about $180 million in self-storage acquisitions and has an additional $63 million under contract, with $34 million in deals under consideration. It has a development pipeline of about 35,000 square meters, with anticipated annual returns of more than 9 percent. 

Abacus recently invested about $150 million of residential investment as well as reworking its retail portfolio. The company is planning to do a joint venture with Australian property group ISPT, in which it retained a 50 percent share in two of its retail assets.


Source: www.insideselfstorage.com/australasia/australia-reit-abacus-property-raises-250m-pursue-office-self-storage-opportunities