Abacus Property Group

Most property executives would love to have Abacus Property Group’s ‘problem’. Abacus was recently forced to sell its Epping Office Park in Sydney for $48.5m at a 23% premium to book value to make way for the north-west rail link. This follows the sale of Lennons Plaza in Brisbane for $56.8m, at a small premium to book value. The proceeds from these sales will be used to temporarily reduce debt, which increased following the merger with its unlisted storage fund (see Abacus and Storage Fund to merge from 18 Jan 12 (Long Term Buy – $1.90)). Debt is likely...

Most property executives would love to have Abacus Property Group’s ‘problem’. Abacus was recently forced to sell its Epping Office Park in Sydney for $48.5m at a 23% premium to book value to make way for the north-west rail link. This follows the sale of Lennons Plaza in Brisbane for $56.8m, at a small premium to book value. The proceeds from these sales will be used to temporarily reduce debt, which increased following the merger with its unlisted storage fund (see Abacus and Storage Fund to merge from 18 Jan 12 (Long Term Buy – $1.90)). Debt is likely to increase with further acquisitions, like the retail property on Brisbane’s Queen Street that was recently purchased for $29.5m with joint venture partner Heitman.

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