Abacus Group
 | |
| Type | Public company |
|---|---|
| ASX: ABG | |
| Founded | 1996 |
| Headquarters | Sydney, Australia |
Areas served | Australia |
Key people |
|
| Revenue |  A$284.3 million[2] (2020) |
| A$84.7 million[2] (2020) | |
| Total assets | A$245.8 million[2] |
| Total equity | A$1.09 billion[2] (2020) |
| Website | abacusgroup |
Abacus Group is an Australian real estate investment trust. The company traded as Abacus Property Group until August 2023, when its self-storage business was separated into a separate listed entity, Abacus Storage King.[3][4][5]
History
[edit]Abacus was established in 1996 by Frank Wolf, an academic from the University of British Columbia, and listed on the Australian Securities Exchange in November 2002.[6]
Operations
[edit]
The company has a single corporate office in Sydney. Myra Salkinder chaired the group from September 2019 until her retirement from the board in June 2026.[7][8][1] The managing director, Steven Sewell, was appointed in 2018 after leaving Vicinity Centres.[9][10]
Before the 2023 restructure, the group's investment portfolio was divided into four divisions covering office, self-storage, retail and industrial property.[11] Its holdings formerly included the late art-deco Minerva Theatre near Kings Cross in Sydney, which it sold in 2021.[12][13]
The portfolio is concentrated in office towers, among them 201 Elizabeth Street in Sydney, the Brisbane Club and RAA Place in Adelaide.[14][15] In an early transaction the group bought the heritage-listed CBC building at 343 George Street, Sydney for $55 million and sold it the following year for $78 million.[6]
The group invests mainly in commercial property, including office towers.[16][17][18] In the years before the 2023 restructure its growth was concentrated in self-storage, a sector supported by demand from Australia's e-commerce industry.[19] In 2020 Abacus acquired the remaining shares in Storage King Pty Ltd for $50 million.[20][21] In early 2021 it purchased four further self-storage facilities in Adelaide and Sydney, together with the remaining 60 per cent of the Oasis Centre in Queensland.[22]
In 2019 the group began divesting its residential property holdings.[14]
References
[edit]- 1 2 "Board renewal and appointment of Independent Chair" (Press release). Abacus Group. 26 May 2026. Retrieved 27 July 2026.
- 1 2 3 4 Financial report for the year ended 30 June 2020 (PDF) (Report). Abacus Property Group. 2020. Archived from the original (PDF) on 2021-03-12. Retrieved 2021-05-07.
- ↑ "Half-Year Financial Report: 31 December 2023". Abacus Group. 27 February 2024.
- ↑ "Class Ruling CR 2023/48: Abacus Property Group restructure". Australian Taxation Office. 2023. Retrieved 27 July 2026.
- ↑ "Abacus Property to spin-off A$3bn self-storage assets into ASX-listed trust". IPE Real Assets. 23 May 2023. Retrieved 27 July 2026.
- 1 2 "Tributes flow for Abacus number cruncher: Frank Wolf". Australian Financial Review. 2018-04-18. Retrieved 2021-05-11.
- ↑ "Myra Salkinder, Abacus Property Group: Profile and Biography". Bloomberg.com. Retrieved 2021-05-07.
- ↑ "Abacus appoints Salkinder as new chair". Australian Property Journal. 19 May 2019. Retrieved 27 July 2026.
- ↑ "Former Federation Centres CEO Steven Sewell to lead Abacus Property Group". Australian Financial Review. Retrieved 7 May 2021.
- ↑ "Abacus Group, LLC staff directory". SignalHire. Retrieved 2026-07-27.
- ↑ "Abacus Property Group". IBISWorld. Retrieved 2021-05-07.
- ↑ Thompson, Angus (2021-04-28). "'White elephant of hope': Key to Kings Cross' revival in jeopardy". The Sydney Morning Herald. Retrieved 2021-05-07.
- ↑ "New owners planning $50m redevelopment of Minerva theatre in Kings Cross". Commercial Real Estate. 2021. Retrieved 27 July 2026.
- 1 2 Johanson, Simon (2019-04-30). "Abacus sells four sites worth $31m". The Sydney Morning Herald. Retrieved 2021-05-07.
- ↑ Cummins, Carolyn (2021-03-30). "Charter Hall and Abacus lodged plans for $630m tower upgrade". The Sydney Morning Herald. Retrieved 2021-05-07.
- ↑ "Public Trustee needs new HQ ahead of $60m tower sale". The Courier-Mail. Retrieved 23 April 2021.
- ↑ "Developers plan post-pandemic office towers". The Sydney Morning Herald. Retrieved 23 April 2021.
- ↑ "Abacus, Public Trustee to offload Brisbane office tower". The Urban Developer. Retrieved 23 April 2021.
- ↑ "Abacus finds returns in self-storage". Australian Financial Review. 2021-02-18. Retrieved 2021-05-07.
- ↑ "Abacus takes out Storage King in $50m deal". Australian Financial Review. Retrieved 23 April 2021.
- ↑ "Abacus Property Group acquires the remainder of Storage King for $50M". Inside Self-Storage. 2020. Retrieved 27 July 2026.
- ↑ Page, Hannah (2021-05-03). "Abacus seeks haven in Oasis and self storage investments". Australian Property Journal. Retrieved 2021-05-07.
