Morningstar cuts Abacus fair value estimate on SKG stake sale price

Morningstar cut its fair value estimate for Abacus Group by 8% to A$1.10, calling its sale price for a 19.6% stake in Storage King Group "underwhelming". The diversified REIT will sell the stake for A$284.8 million. Morningstar cited high debt, soft office demand and elevated leasing incentives as primary stressors.