Abacus Property Group Acquires Sydney Self Storage Portfolio
July 6, 2021 – Abacus Property Group announced that it has exchanged contracts for the acquisition of a portfolio of self storage assets managed by Storage King, located within the premium inner Sydney Significant Urban Area.
The portfolio of five assets provides more than 25,000 square metres of net lettable area (NLA) and 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.
Consideration for these assets is $160 million excluding transaction costs with settlement expected on 3 August 2021. The acquisition will be funded from existing debt facilities.
Managing Director, Steven Sewell commented “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.”
“The transaction also demonstrates the sustained acquisition pipeline generated from the Storage King platform.”
Read more here..
Related News
Charter Hall, Abacus Property Buys A$31.5m Leasehold Asset From Australian Unity
