0055 GMT - Public Storage and consortium partner Ki Corp have now offered enough to get Abacus Storage King to open its books. But Citi is doubtful it's sufficient to get a deal done. The consortium's offer of A$1.65/security values Abacus Storage King's equity at A$2.17 billion. Analyst Howard Penny says it signals continued interest in self-storage assets from large global investors. The revised offer also appears more acceptable to the board of Abacus Storage King. "However, in our view, a further revised offer above net tangible assets per share may be necessary to convince minority shareholders to agree to the deal," Citi says. That's because of likely cap rate compression and compelling fundamentals for Australian self-storage assets, it says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

July 13, 2025 20:55 ET (00:55 GMT)

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