07/13/2025 – 06:58 PM
Abacus Storage King and the Consortium agree to proceed with due diligence
GLENDALE, Calif. — Ki Corporation and Public Storage (NYSE:PSA), operating as a “Consortium,” are making a bold move Down Under. They’ve announced a revised non-binding indicative offer (NBIO) to acquire Australian self-storage player Abacus Storage King (ASX:ASK) for A$1.65 per stapled security in cash. Both parties have now agreed to enter the due diligence phase, signaling a significant step towards solidifying the deal.
“We are excited to take the next step towards this potential combination with Abacus Storage King in partnership with Ki Corporation,” stated Joe Russell, Public Storage’s CEO, highlighting the strategic rationale. “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. This transaction would be a compelling outcome for Abacus Storage King and Public Storage’s stakeholders.” The Australian self-storage market, while already showing strong growth, is seen as ripe for further expansion with Public Storage’s expertise.
While this revised NBIO is a significant milestone, investors should note it remains non-binding and contingent on several conditions, most notably the successful completion of due diligence. The discussions between Ki Corporation, Public Storage, and Abacus Storage King are still preliminary. Any potential transaction would also be subject to Australian legal acquisition processes for widely held entities, including securityholder approval. Translation: this deal isn’t done until it’s done. No guarantee exists that the parties will reach a definitive agreement or that the terms will remain consistent.
Public Storage is playing its cards close to the vest, stating they “do 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.” Investors looking for real-time updates might be left waiting.
About Public Storage
Public Storage, a member of the S&P 500, operates as a REIT, focusing primarily on acquiring, developing, owning, and managing self-storage facilities. As of March 31, 2025, their portfolio encompassed 3,399 facilities across 40 U.S. states, totaling approximately 247 million net rentable square feet. They also hold a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels:SHUR), which operates 318 self-storage facilities under the Shurgard® brand in seven Western European nations, representing approximately 18 million net rentable square feet. The company is headquartered in Glendale, California.
Forward-Looking Statements
Keep in mind that this announcement contains forward-looking statements, which are subject to risk and uncertainty as defined in the Private Securities Litigation Reform Act of 1995. Phrases like “expects,” “believes,” “intends,” “anticipates,” “estimates” and similar expressions signal such statements. Actual events could differ materially from those projected due to various known and unknown risks. For a comprehensive understanding of these risks, consult Part 1, Item 1A, “Risk Factors” in Public Storage’s most recent Annual Report on Form 10-K filed with the SEC on February 24, 2025, and their other filings with the SEC. These statements are valid only as of the date of this press release.
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Source: Public Storage
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