ABP +5.81%: a strong return to the boards today from the property group after announcing a $225m capital raise. They plan to list Abacus Storage King (ASK) on its own by early August with the capital raise going towards paying down debt and funding new developments. Overall it looks to be a smart deal for shareholders with Abacus trading on a ~25% discount to NTA vs National Storage REIT (NSR) trading more or less in line with their NTA, though we suspect the commercial exposure, which will trade under ABG, will come on at a slight additional discount to where the headstock currently trades (relative to it’s NTA)
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