Ki Corporation and Public Storage Offer a Premium to Acquire Abacus Storage King
Public Storage (NYSE:PSA) and Ki have submitted a non-binding indicative offer to acquire Abacus Storage King (ASX:ASK) for A$1.47 per stapled security. The acquisition targets all outstanding securities not already held by Ki Group, ASK's major securityholder.
Abacus Storage King operates approximately 126 properties, 21 development sites, and 75 managed/licensed properties across Australia and New Zealand. Post-transaction, Ki and Public Storage would each hold approximately 50% interest.
The deal aims to leverage Public Storage's expertise to enhance ASK's customer experience, operating performance, and portfolio growth in the Australian and New Zealand markets, which benefit from strong population growth and increasing consumer adoption. Public Storage currently owns/operates 3,380 self-storage facilities in 40 US states and holds a 35% stake in Shurgard Self Storage in Europe.
Public Storage (NYSE:PSA) e Ki hanno presentato un'offerta indicativa non vincolante per acquisire Abacus Storage King (ASX:ASK) al prezzo di A$1,47 per titolo. L'acquisizione mira a includere tutti i titoli in circolazione non già detenuti da Ki Group, il principale azionista di ASK.
Abacus Storage King gestisce circa 126 proprietà, 21 siti di sviluppo e 75 proprietà gestite/licenziate in Australia e Nuova Zelanda. Dopo la transazione, Ki e Public Storage deterebbero ciascuno circa il 50% di partecipazione.
L'accordo ha l'obiettivo di sfruttare l'esperienza di Public Storage per migliorare l'esperienza del cliente di ASK, le performance operative e la crescita del portafoglio nei mercati australiano e neozelandese, che beneficiano di una forte crescita della popolazione e di un crescente utilizzo da parte dei consumatori. Attualmente, Public Storage possiede/gestisce 3.380 strutture di self-storage in 40 stati degli USA e detiene una partecipazione del 35% in Shurgard Self Storage in Europa.
Public Storage (NYSE:PSA) y Ki han presentado una oferta indicativa no vinculante para adquirir Abacus Storage King (ASX:ASK) a un precio de A$1,47 por título. La adquisición tiene como objetivo incluir todos los valores emitidos que no están ya en posesión del Grupo Ki, el principal accionista de ASK.
Abacus Storage King opera aproximadamente 126 propiedades, 21 sitios de desarrollo y 75 propiedades gestionadas/licenciadas en Australia y Nueva Zelanda. Tras la transacción, Ki y Public Storage tendrían cada uno aproximadamente un 50% de participación.
El acuerdo busca aprovechar la experiencia de Public Storage para mejorar la experiencia del cliente de ASK, el rendimiento operativo y el crecimiento de la cartera en los mercados australiano y neozelandés, que se benefician de un fuerte crecimiento poblacional y una creciente adopción por parte de los consumidores. Actualmente, Public Storage posee/gestiona 3.380 instalaciones de autoalmacenamiento en 40 estados de EE. UU. y tiene una participación del 35% en Shurgard Self Storage en Europa.
퍼블릭 스토리지 (NYSE:PSA)와 Ki가 아바쿠스 스토리지 킹 (ASX:ASK)를 주당 A$1.47에 인수하기 위한 비구속적 제안을 제출했습니다. 이번 인수는 Ki Group이 보유하고 있지 않은 모든 유통 증권을 대상으로 합니다. ASK의 주요 주주입니다.
아바쿠스 스토리지 킹은 호주와 뉴질랜드 전역에 약 126개의 부동산, 21개의 개발 사이트 및 75개의 관리/라이센스 부동산을 운영하고 있습니다. 거래 후, Ki와 퍼블릭 스토리지는 각각 약 50%의 지분을 보유하게 됩니다.
이번 거래는 퍼블릭 스토리지의 전문성을 활용하여 ASK의 고객 경험, 운영 성과 및 호주 및 뉴질랜드 시장에서의 포트폴리오 성장을 향상시키는 것을 목표로 합니다. 이들 시장은 강력한 인구 성장과 소비자 채택 증가의 혜택을 받고 있습니다. 현재 퍼블릭 스토리지는 40개 주에서 3,380개의 셀프 스토리지 시설을 소유/운영하고 있으며, 유럽의 Shurgard Self Storage에서 35%의 지분을 보유하고 있습니다.
Public Storage (NYSE:PSA) et Ki ont soumis une offre indicative non contraignante pour acquérir Abacus Storage King (ASX:ASK) au prix de A$1,47 par titre. L'acquisition vise tous les titres en circulation non déjà détenus par Ki Group, le principal actionnaire d'ASK.
Abacus Storage King exploite environ 126 propriétés, 21 sites de développement et 75 propriétés gérées/licenciées en Australie et en Nouvelle-Zélande. Après la transaction, Ki et Public Storage détiendraient chacun environ 50% d'intérêts.
L'accord vise à tirer parti de l'expertise de Public Storage pour améliorer l'expérience client d'ASK, la performance opérationnelle et la croissance du portefeuille sur les marchés australien et néo-zélandais, qui bénéficient d'une forte croissance démographique et d'une adoption croissante par les consommateurs. Actuellement, Public Storage possède/exploite 3 380 installations de self-stockage dans 40 États américains et détient une participation de 35% dans Shurgard Self Storage en Europe.
Public Storage (NYSE:PSA) und Ki haben ein nicht verbindliches indikatives Angebot zur Übernahme von Abacus Storage King (ASX:ASK) zu einem Preis von A$1,47 pro stapelbarer Sicherheit abgegeben. Die Übernahme zielt auf alle ausstehenden Wertpapiere, die noch nicht im Besitz der Ki Group, dem Hauptaktionär von ASK, sind.
Abacus Storage King betreibt etwa 126 Immobilien, 21 Entwicklungsstandorte und 75 verwaltete/lizenzierte Immobilien in Australien und Neuseeland. Nach der Transaktion würden Ki und Public Storage jeweils etwa 50% Anteil halten.
Das Geschäft zielt darauf ab, die Expertise von Public Storage zu nutzen, um die Kundenerfahrung von ASK, die operative Leistung und das Portfolio-Wachstum auf den Märkten in Australien und Neuseeland zu verbessern, die von starkem Bevölkerungswachstum und zunehmender Verbraucherakzeptanz profitieren. Public Storage besitzt/betriebt derzeit 3.380 Selbstlagerungseinrichtungen in 40 US-Bundesstaaten und hält eine 35%ige Beteiligung an Shurgard Self Storage in Europa.
- Strategic expansion into growing Australian and New Zealand self-storage markets
- Opportunity to leverage Public Storage's expertise and competitive advantages
- Market characterized by high fragmentation, offering consolidation opportunities
- Strong market fundamentals with population growth and rising consumer adoption
- Non-binding offer with multiple conditions and regulatory approvals required
- No certainty of reaching definitive agreement or deal completion
- Significant capital investment required for acquisition
Insights
Public Storage's non-binding offer to acquire Abacus Storage King (ASK) represents a strategic international diversification play that follows the company's established playbook. The proposal would give PSA a 50% stake in one of Australia and New Zealand's largest self-storage operators, which controls 126 operating properties, 21 development sites, and 75 managed/licensed facilities.
The offer price of
What's particularly compelling is the market fragmentation in Australia and New Zealand, creating consolidation opportunities similar to PSA's early-stage North American expansion. The region's strong population growth and increasing self-storage adoption provide tailwinds for long-term demand.
However, investors should recognize this remains highly preliminary. The non-binding nature, required due diligence, need for securityholder approval, and explicit statement that PSA "does not intend to provide additional or ongoing disclosure" until a definitive agreement emerges suggest a lengthy process with uncertain outcome. With no details on financing structure or return expectations, the immediate financial impact remains unclear.
This potential acquisition represents PSA's strategic entry into the Australian and New Zealand self-storage markets, which exhibit three critical characteristics that drive successful self-storage investments: outsized population inflows, strong economic growth, and rising consumer adoption.
The fragmented ownership structure in these markets creates a classic consolidation opportunity where a well-capitalized operator with superior operational systems can extract significant value. PSA's partnership approach with Ki (where each would hold approximately
The portfolio composition is particularly attractive, combining 126 stabilized properties providing immediate cash flow with 21 development sites offering organic growth opportunities. The 75 managed/licensed properties present potential acquisition targets for future expansion.
This move diversifies PSA's geographic footprint beyond its current 3,380 US facilities and European holdings, adding a third continent to its operations. The consortium structure with Ki mitigates execution risk in a new market while still allowing PSA to implement its operating systems, technology platform, and revenue management practices – the same competitive advantages that have driven their industry-leading performance domestically.
Abacus Storage King is one of the largest self-storage owners in
Together, Ki and Public Storage are offering certainty, liquidity, and an attractive premium to minority securityholders and are uniquely positioned to deliver compelling value and the best long-term outcome for Abacus Storage King’s employees, customers, and additional stakeholders.
Similar to its success with Shurgard Self Storage Limited in
The NBIO is non-binding and subject to several conditions, including due diligence. A copy of it is attached to the announcement filed with the Australian Securities Exchange and can be found here.
Ki and Public Storage’s discussions with Abacus Storage King are preliminary in nature and any transaction would be subject to processes for acquisition of widely held entities under Australian law, including securityholder approval. There is no assurance the parties will reach a definitive agreement or consummate a transaction or that if such an agreement is reached, it will be on terms similar to those set forth herein.
Public Storage does not intend to provide additional or ongoing disclosure regarding these preliminary negotiations prior to any execution of a definitive agreement and expressly disclaims any obligation to update this information, except as required by law.
Goldman Sachs is serving as the Consortium’s financial advisor. Herbert Smith Freehills and Sullivan & Cromwell are serving as Ki’s legal advisors. Gilbert + Tobin and Wachtell, Lipton, Rosen & Katz are serving as Public Storage’s legal advisors.
About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2024, we: (i) owned and/or operated 3,380 self-storage facilities located in 40 states with approximately 245 million net rentable square feet in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements which may be identified by the use of the words “expects,” “believes,” “intends,” “anticipates,” “should,” “would,” “opportunity,” “proposed,” “potential,” “estimates” and similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause actual events to be materially different from those expressed or implied in the forward-looking statements. Risks and uncertainties that may impact future results and performance include, but are not limited to, those described in Part 1, Item 1A, “Risk Factors” in Public Storage’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 24, 2025 and in its other filings with the SEC. These forward-looking statements speak only as of the date of this press release or as of the dates indicated in the statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250404860689/en/
Ryan Burke
(818) 244-8080, Ext. 1141
Source: Public Storage
FAQ
What is the offer price for Abacus Storage King (ASK) acquisition by Public Storage and Ki ?
How many properties does Abacus Storage King currently operate in Australia and New Zealand?
What will be the ownership structure after PSA's acquisition of Abacus Storage King?
What conditions are attached to Public Storage's offer for Abacus Storage King?
