Africa’s oldest billionaire, Natie Kirsh, has thrown his financial weight behind a $1.42 billion bid to acquire Australia’s Abacus Storage King. The 92-year-old Swazi-born tycoon is backing the deal through his investment arm, Kirsh Group, marking one of the most high-profile cross-continental acquisitions involving an African investor in recent years.
Kirsh, whose wealth is estimated at over $6 billion, made his fortune in retail, finance and logistics. He is widely recognised as a quiet but formidable force in global business circles. His latest move into the self-storage sector reflects a deepening interest in stable, income-generating assets, particularly in developed economies.
Abacus Storage King is one of Australia’s largest self-storage providers, operating over 120 facilities across the country. The takeover offer, which values the company at AU$2.2 billion (US$1.42 billion), is expected to reposition the brand for further growth in the Asia-Pacific region.
The bid is being made through a consortium involving Kirsh’s privately owned Kirsh Group and Abacus Property Group, which already holds a significant stake in the company. According to details released to the Australian Securities Exchange, the acquisition will consolidate ownership and streamline operations under a singular long-term strategy.
For Kirsh, this isn’t just another deal. It aligns with his decades-long pattern of investing in sectors with reliable cash flow and long-term value. His interest in Australia’s commercial real estate sector dates back several years, with this latest move signalling a more aggressive push into logistics-aligned property.
At 92, Kirsh remains active in the business world, embodying a strategic patience that has come to define his legacy. From building a wholesale grocery empire in apartheid-era South Africa to quietly accumulating a real estate portfolio that stretches from the UK to Australia, Kirsh’s business trajectory defies convention and borders alike.
Industry analysts say the deal, if successful, could prompt more African investors to look outward for diversification, particularly into recession-resilient sectors like storage, logistics, and digital infrastructure.
While the finalisation of the takeover is still subject to regulatory approvals and shareholder votes, early market response has been positive, with Abacus Storage King’s shares reflecting increased investor confidence.
