Australia's Abacus Property Group jumps on plan to create ASX-listed REIT

Abacus

16/02/2023 02:23

** Shares of Abacus Property Group  ABP.AX  jump as much as
9.8% to A$3.13, seeing their best day since March 31, 2020
    ** Real estate investment trust says intends to create new
ASX-listed self storage REIT to be known as Abacus Storage King
REIT
    ** Says ASK will be established by de-stapling Abacus'
existing self storage assets 
    ** Co also reaffirms distribution outlook of at least 18.4
AU cents per share for FY23
    ** Co posts weak HY results, with NPAT down 73.2% at A$84.5
mln ($58.35 mln) 
    ** Stock hits highest since May 6
    ** Almost 2 mln shares change hands, over twice the 30-day
average volume 
    ** Stock up 8.4% this year, as of last close
($1 = 1.4482 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))