This article is from the Australian Property Journal archive
ABACUS has been on a buying spree, spending over $275 million in property acquisitions in Australia and New Zealand.
Since July 1, the group has settled the acquisition of two properties in Varsity Lakes, Queensland for $23 million, which includes a 7,180 sqm office complex and a two office building complex providing net lettable area of 7,352 sqm that is leased to Airways Corporation of New Zealand until 2019, for $18.85 million.
In addition, Abacus has bolstered its industrial property portfolio with the purchase of a $9.8 million facility at Lisarow on the New South Wales, comprising 9,930 sqm of industrial and office accommodation with a long term lease to Lighting Corporation Ltd until 2017 and another $20.1 million buy in Alderley, QLD, comprising two warehouses with 21,160 sqm of NLA on a 4.67 ha site.
Abacus has recently contracted to acquire an industrial complex in Campbellfield, Victoria for $17.55 million, this 6.6 ha property with 26,000 sqm of NLA is located on the Hume Highway and is adjacent to a 2.1 ha property already owned by Abacus; a number of smaller property assets valued at approximately $35 million have been acquired for ADIFII and the Abacus Small Properties Fund; and $35 million of storage assets, comprising a portfolio of storage facilities in Australia and a facility in New Zealand.
In addition, Abacus has also offered to acquire all the shares in U Stow It Holdings Limited, an unlisted public company that owns and operates a number of self-storage assets and other commercial properties in Canberra and Queanbeyan. Abacus’ offer is by way of a recommended off-market bid and values U Stow It at approximately $40 million.
The offer is conditional on a minimum acceptance of 30%. As at the date of the offer, Abacus owns 11.44% of U Stow It’s shares and has obtained prebid acceptance commitments in respect of a further 8.5% of U Stow It’s shares.
These storage assets are being acquired and warehoused by Abacus ahead of the potential launch of a second storage fund.
Meanwhile, the Abacus Hospitality Fund has settled its $85 million acquisition of Swissôtel Sydney; the $18 million Rydges Southbank in Townsville; and the Diplomat Hotel for $13.3 million.
In addition, Abacus has sold its Noble Park industrial facility for $27.9 million and has entered into contracts on behalf of the Abacus Mariners Cove Equity Trust to sell its Mariners Cove property for $49 million.
Australian Property Journal
