The HWL Ebsworth Corporate and Commercial team advised Abacus Property Group on the $50 million acquisition of Storage King. The deal represented the acquisition of the remaining 75 per cent of Storage King that Abacus did not already own, with the first 25 per cent being acquired back in August 2018.
The acquisition was described by Abacus CEO, Steven Sewell, to the Australian Financial Review, as a “key strategic imperative for Abacus, given our ownership of self-storage assets exceeds $1.2 billion and comprises 40 per cent of our balance sheet”.
This latest acquisition is just one of many that have recently increased Abacus Property Group’s portfolio in the storage facilities market, with further recent acquisitions of self-storage facilities in the Melbourne and Sydney market.
The HWL Ebsworth property team has also recently advised Abacus Property Group on the acquisitions of 337 Bay Road Cheltenham and 14 Thomas Street, Yarraville in Melbourne and on 1 Woodville Road Granville and 100 &104 Montague Street & 3 Ralph Black Drive North Wollongong in Sydney.
David Clarke, Partner, in the Sydney Corporate and Commercial Team acted on the acquisition of the balance of Storage King.
The HWL Ebsworth property team acting on the additional acquisitions in Melbourne included David Marriott, Partner, Rupert Lugo, Senior Associate and Nic Sloan, Solicitor. The HWL Ebsworth property team in Sydney included Dennis Bluth, Partner, Maged Jebeile, Special Counsel and Glenda Kim, Associate.
Note to Editors:
HWL Ebsworth is the largest legal partnership in Australia according to the most recent partnership surveys published by The Australian and the Australian Financial Review.
The firm comprises 1,391 staff including 269 Partners, 790 other legal staff and 332 support staff across offices in nine locations – Adelaide, Brisbane, Canberra, Darwin, Melbourne, Hobart, Norwest (North West Sydney), Perth and Sydney.
HWL Ebsworth is an independent, nationally integrated, full service commercial law firm, providing tailored and commercially oriented legal services.
HWL Ebsworth operates a different business model to the other leading national law practices, and this allows us to offer unrivalled value for money without compromising quality and service. Our low ratio of solicitors to partners ensures that our clients receive optimal access to partner resources for all matters.
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