Public Storage and Ki Corporation Propose Acquisition of Abacus Storage King

Public Storage and Ki Corporation have submitted a non-binding indicative offer to acquire all remaining securities of Abacus Storage King (ASK) for A$1.47 per stapled security. Ki Group, ASK’s major shareholder, and Public Storage would each hold approximately 50% of the company post-transaction. ASK is one of the largest self-storage providers in Australia and New Zealand, with 126 operating facilities and a substantial development pipeline.

The offer promises liquidity and a premium for minority securityholders and aims to enhance ASK’s long-term growth through Public Storage’s operational expertise and scale. The proposal remains subject to due diligence, regulatory requirements, and securityholder approval, with no guarantee that a definitive deal will be reached.

Goldman Sachs is advising the consortium, with legal counsel provided by Herbert Smith Freehills, Sullivan & Cromwell, Gilbert + Tobin, and Wachtell, Lipton, Rosen & Katz.