Australia’s Abacus Property has raised A$215m (€143m) to grow its self-storage portfolio.

The company said proceeds, which included a further A$15m from a security purchase plan, would be used to replenish investment capacity for continued deployment into acquisitions yet to be settled.

However, Abacus said the proceeds would be deployed mostly into its A$266m self-storage development pipeline from the second half of the current financial year and into 2025.

The SAX-listed company said it had raised the capital to take advantage of strong tailwinds being experienced in its A$2.5bn self-storage portfolio, representing half of the group’s total assets.

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