Storage King
 | |
| Company type | Public |
|---|---|
| ASX: ASK | |
| Industry | Self-storage |
| Founded | 1998 |
| Founders |
|
| Headquarters | Sydney , Australia |
Area served | Australia, New Zealand |
| Services | Self-storage facilities |
| Parent | Abacus Group |
| Website | www |
Storage King is a self-storage provider operating across Australia and New Zealand. It is managed by Abacus Storage King, a real-estate investment trust (REIT) spun off from Abacus Group and listed on the Australian Securities Exchange (ASX) under the ticker ASK in August 2023.[1][2][3][4][5]
History
Storage King was founded in 1998 by Michael Tate & David Scanlen.[6]
In December 2020, Abacus Property Group acquired the remaining 75% of Storage King Pty Ltd, consolidating full ownership of the business.[7][8]
The self-storage operations were de-stapled and listed separately in August 2023 as Abacus Storage King (ASK), with ASX market capitalisation exceeding A$1.5 billion.[9][8]
As of mid-2025, Abacus Storage King reportedly managed approximately 126 operating sites, 21 development sites, and around 75 managed or licensed locations across Australia and New Zealand.[10][6]
In April 2025, a consortium led by Ki Corporation and Public Storage made a takeover proposal for Abacus Storage King.[2][11] The board rejected the bid in May, saying it undervalued the company. In July, the consortium increased its offer, and Abacus agreed to a period of due diligence.[12][13][14]
References
- ^ "ASK opens its books after A$2.17 billion offer". Australian Financial Review. 14 July 2025. Retrieved 8 August 2025.
- ^ a b "Australia's Abacus Storage King gets takeover bid, valuing firm at A$1.93 billion". Reuters. 7 April 2025. Retrieved 8 August 2025.
- ^ "Abacus shareholders riled by takeover bid". The Australian. May 2025. Retrieved 8 August 2025.
- ^ "A-REIT Abacus Storage King Debuts on ASX". Intelligent Investor. 1 August 2023. Retrieved 8 August 2025.
- ^ "Abacus Storage King: General Information". ListCorp. Retrieved 8 August 2025.
- ^ a b "Drama Down Under: Inside the Public Storage/Storage King Offer". Modern Storage Media. 7 May 2025. Retrieved 8 August 2025.
- ^ "Abacus Property Group Acquires Remaining 75% of Storage King". Inside Self Storage. 18 December 2020. Retrieved 8 August 2025.
- ^ a b "Abacus Restructure Explained". SF360. Aug 2023. Retrieved 8 August 2025.
- ^ "ASK Hy24 Results" (PDF). Abacus Group (ASX release). 16 February 2024. Retrieved 8 August 2025.
- ^ "Ki Corp & Public Storage Update Offer for ASK". Public Storage (press). 13 July 2025. Retrieved 8 August 2025.
- ^ "Foreigner's $1.93b Aussie storage move exposed". The Australian. 9 April 2025. Retrieved 8 August 2025.
- ^ "Australia's Abacus Storage King rebuffs Kirsh-led buyout offer". Reuters. 13 May 2025. Retrieved 8 August 2025.
- ^ "Australia's Abacus Storage King gets $1.42 billion sweetened offer, shares jump". Reuters. 13 July 2025. Retrieved 8 August 2025.
- ^ "Ki Corp. and Public Storage Increase Buyout Bid to A$2.17 Billion". Inside Self Storage. 14 July 2025. Retrieved 8 August 2025.