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US group pays pounds 44m for Abacus

THE US-based Security Capital Group (SCG) has underlined its expansionist plans in Europe with the pounds 43.7m takeover of Abacus Self Storage in Britain. The deal was executed by Acorn Storage Centres in which SCG has a controlling stake.

Acorn and Abacus plan to merge their 32 UK self storage centres and four bases in France. This is Acorn's first deal since it was bought by SCG subsidiary, Security Capital Global Realty (SC-GR), in June.