Abacus and Storage Fund to merge

Abacus recently announced plans to merge with its unlisted Storage Fund. Jason Prowd dissects the welcome start to exiting a conflicted business.

Abacus Property Group is an atypical property developer. Instead of building from scratch, it purchases existing but less-than-perfect assets and sets about improving them. Management, too, is different; striking a humble, circumspect tone well removed from the white shoe brigade.

But as a property owner, joint venture (JV) partner and unlisted fund owner/manager/lender, it is complex, something that deters many investors from looking at it more closely. Management has now set about changing that.

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