Update: Public Storage and Ki Revise takeover proposal to Abacus Storage King

Ki Corporation and Public Storage announced today a revised non-binding indicative offer (NBIO) to acquire Abacus Storage King for cash consideration of A$1.65 per stapled security. The Consortium and Abacus Storage King have agreed to proceed with due diligence based on the revised terms

“We are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation,” said Joe Russell, Public Storage’s Chief Executive Officer. “Public Storage has proven success internationally, and we are excited by the prospect of sharing our expertise and wide-ranging competitive advantages with Abacus Storage King in the rapidly growing Australian self-storage market. We are confident this transaction would be a compelling outcome for Abacus Storage King and Public Storage’s stakeholders.”

The revised NBIO is non-binding and subject to several conditions, including due diligence. Ki Corporation 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 security holder 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 discussions prior to any execution of a definitive agreement and expressly disclaims any obligation to update this information, except as required by law.

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Public Storage and Ki make takeover proposal to Abacus Storage King

April 7, 2025

Public Storage and Ki Corporation have made an unsolicited takeover proposal to Abacus Storage King (ASK), which operates self-storage facilities in Australia and New Zealand. ASK currently owns around 126 operating properties, 21 development sites and 75 managed/licensed properties. Public Storage and Ki submitted the non-binding indicative offer after markets closed last week, aiming to acquire all outstanding stapled securities in ASK that are not already owned by Ki or its subsidiaries. Should the acquisition take place, Ki Corporation and Public Storage would each own 50 per cent of the shares.

Public Storage said the offer would bring “certainty, liquidity, and an attractive premium to minority securities.” It added that, similar to its success with Shurgard Self Storage in Europe, Public Storage would share its expertise and wide-ranging competitive advantages to help enhance Abacus Storage King’s customer experience, operating performance, ancillary businesses, and portfolio growth.

“As a significant and long-term securityholder, we have remained an active supporter and partner to Abacus Storage King and its success," said Bradley Fried, chief executive officer of Ki Group (Ki currently holds a direct and indirect interest of approximately 59.39% in ASK). "However, the entity has continued to underperform relative to peers and the broader market since listing."