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GLENDALE, Calif., April 06, 2025--(BUSINESS WIRE)--Ki Corporation ("Ki") and Public Storage (NYSE:PSA; the "Company") (together, the "Consortium") announced today the submittal of a non-binding indicative offer (NBIO) to acquire all of the outstanding stapled securities of Abacus Storage King (ASX:ASK) that are not already held by Ki or its subsidiaries (together, the "Ki Group") for A$1.47 per stapled security. The Ki Group is currently ASK’s major securityholder and each of Ki and Public Storage would have approximately 50% interest following the transaction.
Abacus Storage King is one of the largest self-storage owners in Australia and New Zealand with approximately 126 operating properties, 21 development sites, and 75 managed/licensed properties.
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. Australia and New Zealand have an established and growing self-storage market that benefits from outsized population inflows, strong economic growth, and rising adoption by consumers. Self-storage property ownership within the region is highly fragmented.
Similar to its success with Shurgard Self Storage Limited 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.
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.