Abacus Property Group agreed to Spin-Off 80.1 % stake in Abacus Storage King REIT on February 16, 2023. Abacus securityholders will hold securities in ASK in proportion to their security holding in Abacus immediately prior to the de-stapling. It is currently intended that resolutions to approve the de-stapling will be put to Abacus securityholders at an Extraordinary General Meeting (EGM) to be held by the third quarter of this calendar year. Subject to the securityholder vote at the EGM, and the satisfaction of regulatory approvals, Abacus Storage King (ASK) is expected to be listed on the ASX shortly following the EGM. A decision to proceed with the de-stapling of ASK is subject to market conditions, the approval of the Abacus Board, and to an Independent Expert opinion that the de-stapling is fair and reasonable to Abacus securityholders. Abacus will be the manager of ASK and intends to retain a minority interest of up to 19.9% of the stapled securities in ASK. As of May 18, 2023, Stephanie Lai and Karen Robbins are proposed to be appointed as Independent Non-Executive Directors of ASK. EGM is expected to be held in July 2023.

Barrenjoey Advisory Pty Limited and Morgan Stanley Australia Limited acted as financial advisors, King & Wood Mallesons acted as a legal advisor, PricewaterhouseCoopers Australia and Ernst & Young Strategy and Transactions Limited, Accounting acted as accountants, Ernst & Young provided the due diligence services, Boardroom Pty Limited acted as an agent and Kroll, LLC provided the fairness opinion to Abacus Property.

Abacus Group completed the Spin-Off of 80.1 % stake Abacus Storage King (ASX:ASK) on August 1, 2023.