Table of Contents
Key Points
- Natie Kirsh, 93, bids to take Abacus Storage King private with U.S. giant Public Storage in a $1.2 billion offer.
- Kirsh’s Ki Corporation already owns 59.47% of the company; the deal would split ownership equally with Public Storage.
- The move expands Kirsh’s global empire and aims to consolidate a fragmented storage market in Australia and New Zealand.
Eswatini’s richest man and Africa’s oldest billionaire, Natie Kirsh, has teamed up with U.S.-based Public Storage in a bid to take over Abacus Storage King, one of the largest self-storage companies in Australia and New Zealand. The offer, made through his family office, Ki Corporation, values the ASX-listed company at around A$1.93 billion ($1.2 billion).
The non-binding indicative offer (NBIO) proposes to acquire all outstanding stapled securities in Abacus Storage King not already held by Ki or its affiliates. The offer price is A$1.47 per security, which translates to about $0.89 per share.
Ki Corporation already owns a controlling 59.47 percent stake in Abacus Storage King. If the deal goes through, both Ki and Public Storage would end up with equal ownership—roughly 50 percent each. The partnership aims to provide existing minority shareholders with certainty, liquidity, and a meaningful premium on their holdings.
Kirsh eyes storage expansion with Ki
Abacus Storage King operates approximately 126 self-storage facilities, with an additional 21 development sites and 75 managed or licensed properties across Australia and New Zealand. It is a key player in a market that continues to benefit from strong population growth, solid economic fundamentals, and increasing demand for flexible storage solutions. The self-storage sector in the region remains fragmented, making it ripe for consolidation.
Public Storage, which has a track record of success through its European arm, Shurgard Self Storage, plans to bring its operational expertise to the table. Its goal is to enhance customer experience, improve performance, and expand the business alongside Ki.
The current offer is subject to several conditions, including due diligence and regulatory approvals. Discussions are still at an early stage, and there's no certainty the deal will move forward or that terms won’t change during negotiations. Any deal would also require shareholder approval under Australian law.
This move adds another chapter to Kirsh’s long and remarkable business journey. Now 93, Kirsh is worth an estimated $9.45 billion and has built a global fortune across wholesale food supply, private equity, and property. He controls the Kirsh Group, a private conglomerate with assets on four continents, including a majority stake in Jetro Holdings, the owner of Jetro Cash & Carry and Restaurant Depot in the U.S.
Natie Kirsh builds empire from sorghum roots
Natie Kirsh’s story began humbly in 1952 when, fresh from the University of Witwatersrand, he took over his family’s sorghum-malt business in Eswatini. Starting with just £1,200 ($1,524), he expanded into corn and malt milling, helping reduce the country's dependence on South Africa for staple foods. That early success set the foundation for what would become a global empire.
The biggest slice of Kirsh’s fortune comes from his 75 percent stake in Jetro Holdings, now worth around $6.95 billion. The company’s valuation is benchmarked against publicly listed peers like Costco, Kroger, Metro, and Loblaw Companies. While Loblaw has seen a recent dip, the others have climbed, reflecting shifting market expectations.
Kirsh’s wealth isn’t limited to food retail. His real estate holdings include London’s iconic Tower 42, valued at $364 million. He also holds a 54 percent stake in the Sydney-listed Abacus Property Group worth $334 million, a $476 million stake in Jetro Holdings’ real estate arm, and an estimated $320 million stake in Abacus Storage King itself.
Despite his age, Kirsh shows no sign of slowing down. With assets spread across continents and industries, he remains a powerful figure in global business and philanthropy—and Eswatini’s undisputed wealthiest citizen.
