Abacus owned and managed 70 self-storage assets
May 19, 2020: Abacus Property Group, an Australia-based, publicly traded, diversified real estate investment trust (REIT) has incrementally acquired a 7 percent stake in rival self-storage operator National Storage REIT (NSR). Last year Abacus capture 4.6 per cent of National Storage REIT's shares.
Abacus started to purchase more NSR shares in March, one day after the last of the three contenders withdrew their purchase offers due to market uncertainty stemming from the coronavirus pandemic. Earlier this month, NSR raised $300 million in capital but blocked Abacus from participating because the board doesn’t view its “direct competitor” as a “supportive, long-term bidder of NSR securities,” officials said in a statement.
To date, Abacus has invested $105 million in NSR. It deployed more than $600 million in capital during the first half of its 2020 fiscal year. Those moves included a series of acquisitions and joint ventures in the office and self-storage sectors. These investments now comprising 92 percent of its portfolio. The company’s 32 percent of assets are in the self-storage sector.
NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centers to be listed on the Australian Securities Exchange. It has an owned portfolio comprising more than 9.5 million square feet.