Abacus Property Group is a leading diversified property group. We specialise in investing in core plus property opportunities in Australia. Abacus was established in 1996.
Death of Managing Director Dr Frank Wolf
It was with deep sadness that Abacus Property Group announced the passing of its co-founder and Managing Director Dr Frank Wolf, after a short battle with cancer. Mr Steven Sewell, who was due to take over in July 2018 is confirmed as Managing Director.
Transition of Managing Director
Abacus Property Group announced the retirement of its long serving Managing Director Dr Frank Wolf to occur in July 2018. Mr Steven Sewell, who joined the group in October 2017 will be appointed to the role of Managing Director at that time. Dr Wolf retires after more than 21 years at the Group and 11 of those years as Managing Director.
Record underlying profit result
Abacus Property Group was pleased to announce a record underlying profit result for the 2017 financial year of $186.8m, an increase of over 50% from the prior year. This was driven by all aspects of the buisness contributing to the group's returns, in particular the commercial, self-storage and residential development businesses. This drove a 46% increase in EPS to 32.7c and was backed up strongly by a 13.5% increase in the Group's net tangible assets of $3.02.
Balance sheet grows from strength to strength
Abacus Property Group has grown to a market capitalisation of over $1.7 billion. The group has total assets of circa $2.4 billion and a successful and growing third party capital platform that has invested in over $1.4 billion of property assets in joint venture with our capital partners.
Rights issue to existing investors
Abacus Property Group raised $107 million from existing securityholders to provide growth capital for anticipated acquisitions, development projects and third party capital initiatives.
Growing our capital base
Abacus Property Group acquired 70% of the World Trade Centre in Melbourne for $120 million in its first joint venture with leading global investment firm KKR. Abacus and KKR subsequently acquired Oasis Shopping Centre, Broadbeach QLD for $104 million in February 2015.
Merger with Storage Fund
Abacus Property Group integrated its largest unlisted managed fund, Abacus Storage Fund, into the stapled Group. The merger added $330 million of quality storage facilities to the Group’s portfolio while also providing a liquidity event for the storage fund’s unlisted investors.
Initiates third party capital strategy
During the 2011 financial year, Abacus Property Group initiated its third part capital platform through the creation of a number of core plus joint venture relationships with global investment managers including the Kirsh Group and Heitman LLC.
Kirsh Group - Cornerstone investor
Abacus Property Group raised a total of $211 million to recapitalise the Group in the anticipation of future acquisition opportunities as a result of the global financial crisis. Abacus welcomed the Kirsh Group as a substantial cornerstone investor in the Group.
Included in S&P/ASX 200 Index
Abacus Property Group included in the S&P/ASX 200 Index.
Included in S&P/ASX 300 Index
Abacus Property Group included in the S&P/ASX 300 Index.
Merger with ADIF
Abacus Property Group merged with Abacus Diversified Income Fund, increasing Group assets to $835 million.
Listed on ASX
Abacus Property Group listed on the Australian Securities Exchange with total Group assets of $420 million and a market capitalisation of approximately $300 million.
A full integrated property investment group
Abacus Property Group acquired the business of Abacus Funds Management Limited to form an integrated property investment group with an internalised management structure. The Group's business activities comprised property investment, property finance, funds management and joint venture projects
Abacus Property Group created
Abacus merged a number of trusts and a small development company it established between 1996-1999 to form the Abacus Property Group, a stapled structure consisting of a trust and a company. Initial gross assets of $280 million included eight investment properties and a portfolio of high yielding mortgages.
Abacus Funds Management Limited formed as a property syndicator to source and package property-based investment opportunities for high net worth investors.