Ki and Public Storage to acquire the remaining shares in Abacus Storage King at a AUD1.9bn valuation.

Ki, a furniture manufacturer, and Public Storage, a REIT that primarily acquires, develops, owns, and operates self-storage facilities, offered to acquire the remaining shares in Abacus Storage King, one of the largest self-storage owners in Australia and New Zealand, at a AUD1.9bn valuation. Similar to its success with Shurgard Self Storage Limited in Europe, Public Storage would share its expertise and wide-ranging competitive advantages to help enhance Abacus Storage King’s customer experience, operating performance, ancillary businesses, and portfolio growth. The NBIO is non-binding and subject to several conditions, including due diligence.