This article is from the Australian Property Journal archive
ABACUS Storage King has netted a 3.1% valuation uplift across its self-storage assets, bucking the trend of downwards revaluations seen in some parts of the commercial real estate sector.
The 39 externally valued properties account for 28% of its portfolio by number, and the preliminary draft valuations, both external and internal resulted in an $86 million increase in portfolio value, driven by income growth and capitalisation rate tightening.
The unaudited valuations are expected to increase Abacus Storage King’s pro forma net tangible assets (NTA) by circa $0.07 per security, an increase of 4.3% over six months.
Abacus Storage King will announced its FY24 results on Tuesday, 13th August.
