Abacus Scales in Storage Bodes Well in a Consolidating Industry. FVE Increases to AUD 3.85
We have upgraded our fair value estimate for no-moat-rated Abacus Property Group to AUD 3.85 from AUD 3.70. The increase in our fair value is primarily due to raised assumptions for the amount of capital allocated to acquiring and developing more attractive self-storage assets. Abacus is in the early stages of exiting its higher-risk residential development activities and redeploying the capital to lower-risk self-storage assets. Relative to other commercial property assets, self-storage is high...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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