Charter Hall seen as likely suitor for Abacus

By the Editorial Team · Monday, September 14, 2026

Abacus Group has attracted takeover interest, particularly from Charter Hall, following a significant drop in its share price after internalising its Storage King Group fund. This potential acquisition signals Charter Hall's strategy to acquire undervalued assets and strengthens its position in the Australian real estate market amidst ongoing sector competition.

Abacus Group, the $720 million listed property company, has attracted takeover interest amid a recent decline in its share price following the internalisation of its listed satellite storage fund, Storage King Group. Market observers point to Charter Hall, led by David Harrison, as the most likely suitor for Abacus, given its recent increase in stake and strategic positioning.

Last month, Charter Hall raised its holding in Abacus from 5.87 percent to 7.04 percent, signaling heightened interest. The move comes as Abacus’s shares have tumbled nearly 14 percent over the past month and more than 22 percent over six months. Sources close to Charter Hall suggest the buying reflects a view that Abacus is undervalued and aligns with the company’s funds management unit’s strategy of acquiring discounted stocks for its Australian Real Estate Investment Trust investing operations.

The speculation around a potential takeover intensified following Abacus’s internalisation of Storage King Group, which was spun out in a 2023 demerger. This storage business, valued at approximately $1.5 billion and controlled by billionaire Nathan Kirsh through Ki Corporation, moved its management in-house, aiming to reduce costs by up to half of its $20 million annual expense. The demerger and subsequent internalisation left Abacus primarily as a management company overseeing a diminished asset base. Its remaining portfolio includes about 14 office properties valued at around $1.5 billion, as well as two retail properties worth approximately $419 million.

Abacus CEO Steven Sewell has previous ties to Charter Hall, having worked under Harrison, who has established a track record of acquiring assets in challenging markets and securing government tenants to enhance property income stability. Additionally, Charter Hall and Abacus currently co-own assets, such as a commercial office tower located at 201 Elizabeth Street in Sydney, underscoring their operational overlap.

The Storage King Group has also garnered interest from other major players. After Brookfield and GIC’s $4 billion acquisition of National Storage REIT last year, there has been speculation that they might target Storage King’s storage assets. However, Abacus’s release of Storage King’s management appears to consolidate its position as a leaner management business, potentially making it more attractive for Charter Hall, which faces strong demand within its funds management operations.

As Abacus restructures and its outlook evolves, market participants will be watching closely to see whether Charter Hall pursues a full acquisition or if other bidders emerge in the competitive real estate investment sector.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.