ASX-listed Abacus Property Group has agreed to buy the remaining 75% interest in the self-storage operating business, Storage King, for A$50m, according to local media.

Storage King licenses and manages more than 170 locations across Australia and New Zealand, with over 50,000 customers.

Abacus, which acquired its initial 25% Storage King stake in 2018, owns a portfolio of 81 self-storage properties valued at more than A$1bn.

“The acquisition of the Storage King operating platform was identified as a key strategic imperative for Abacus, given our ownership of self-storage assets exceeds $1.2bn and comprises 40% of our balance sheet,” said Abacus Managing Director Steven Sewell.

“A more integrated management business is critical to driving our self-storage business and enhancing associated asset returns.”

Abacus Property shares finished trading 2.89% higher to A$2.85 on Monday.

GPT lists A$585m Sydney office stake for sale

ASX-listed GPT has put its 25% interest in landmark Sydney office, 1 Farrer Place, on the market.

GPT didn’t disclose a sale price or range, however the stake was last valued at $584.6m at end-June 2020.

The 84,500 sq.m. premium grade office building has an occupancy rate of 98.7% and a weighted average lease expiry of 4.2 years.

The company plans to reinvest the proceeds into new opportunities such as its logistics development pipeline, if the property is sold.

“It is rare for opportunities of this quality to be offered to the market and we expect it will be well sought after by both domestic and offshore investors,” said GPT CEO Bob Johnston.

Shares in GPT closed 2.98% higher at A$4.15 on Monday.