In today’s briefing:
- Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value
Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value
- Abacus Property (ABP AU) has proposed the de-stapling of Abacus Storage King (ASK), the self-storage assets, along with the proposed A$225.0 million equity raising in ASK.
- A key logic of the de-stapling is the potential unlocking of the large, implied discount to NTA in the commercial portfolio. The EGM on the de-stapling proposal is in July.
- The equity raise is a key headwind to the rerating. Our SoTP valuation is A$3.10 per unit, which is a 20% upside to the last close price.
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