Abacus Property Group (ASX:ABP) is seeking shareholder approval on its proposal to create Abacus Storage King to establish a new standalone self storage operating platform and real estate investment group on the ASX.

The Group said if the proposal is implemented, Abacus Storage King will own a $3.1B investment portfolio including 131 self storage properties and other investments across Australia and New Zealand.

It also said securityholders will have the opportunity to participate in an offer ratio of 1 Abacus Storage King security for every 5.6 Abacus Property Group securities to raise $225M.

Shares of Abacus Property Group hit $2.68 at 12:30pm AEST.