$Public Storage(PSA-N)$ (PSA) and Ki Corporation have submitted a non-binding offer to acquire the remaining interest in Australian self-storage business Abacus Storage King for 1.47 Australian dollars ($0.88) per stapled security, the companies said over the weekend.

Abacus owns 126 operating properties, 21 development sites, and 75 managed/licensed properties across Australia and New Zealand.

Ki Group is a major securityholder of Abacus. Upon consummation of a deal, Public Storage and Ki will each have a 50% stake in the business.