Abacus Sells Storage King Stake for $284.8m

Abacus Group (ASX:ABG) has agreed to exit its Storage King holding after treating the stake as non-core following internalisation, combining a strategic sale to Ki Corporation with an underwritten block trade.

Abacus will sell a 19.60% interest in Storage King Group for total gross proceeds of $284.8 million at an average price of $1.11 per security. A 10.37% interest goes to Ki at $1.20 per security, an 11.6% premium to the $1.075 close on 17 September 2026 and a 10.8% premium to the 5-day volume weighted average price of $1.083, for gross proceeds of $163.5 million. Ki will first take 4.49% for $70.8 million, expected to settle on 23 September 2026 subject to completion of the block trade, while the remaining 5.88% needs Abacus securityholder approval under ASX Listing Rule 10.1 as a related-party substantial asset disposal, with a vote expected at the late November 2026 AGM. The other 9.23% was sold via an underwritten block trade at $1.00 per share for gross proceeds of $121.3 million, a 7.0% discount to the $1.075 close and a 7.7% discount to the $1.083 VWAP, with settlement expected on 22 September 2026. Net proceeds will repay debt and take gearing to circa 30%, and NTA reduces by 7 cents to $1.52 per security. FY27 distribution guidance of 6.70 cents per security is expected at the top end of the 80%-90% payout ratio, with 67% franked.

The remaining Ki tranche depends on securityholder approval, and Notice of Meeting detail is still to come.