Abacus Repositions Office as Part of Long-Term Strategy. FVE Unchanged at AUD 3.75
No-moat-rated Abacus has undertaken a significant rejig of its commercial portfolio through a series of transactions in recent months. A Melbourne fringe shopping centre, industrial facility and North Sydney office have been sold for AUD 139 million and four city fringe office buildings have been acquired for AUD 190 million. Borrowings will increase by AUD 41 million, adding roughly 1% to the December gearing of 21.3% and leaving the firm with ample financial flexibility. We maintain our fair v...Abacus Property is a property group that operates predominantly in Australia. Co.'s operating segments include: property, which is engaged in the investment in and ownership of commercial, retail and industrial properties; funds management, which includes development, origination, co-investment and fund management activities; property ventures, which provides secured lending and related property financing solutions and is also responsible for Co.'s investment in joint venture developments and construction projects, as well as Co.'s investment in property securities; and storage, which is engaged in the investment in and ownership of self-storage facilities.
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