Pan-Asian logistics platform ESR has launched a $693 million takeover play for Propertylink, offering $1.15 per share for the ASX-listed investment firm.
The offer represents a 9.5 per cent premium to Propertylink’s last closing price and a 32.9 per cent premium to the price of Propertylink stocks prior to its play for Centuria Industrial REIT last week.
Propertylink seized a 12.2 per cent stake in Centuria Industrial REIT (CIP), which controls 39 properties across Australia worth more than $1 billion.
ESR is currently Propertylink’s largest shareholder, holding a 19.9 per cent stake.
Credit Suisse is advising ESR on the indicative bid for Propertylink.
ESR’s play is conditional upon Propertylink’s bid for Centuria Industrial REIT not proceeding. ESR said that the Centuria Industrial proposal is not in the best interests of Propertylink securityholders.
“ESR considers that it would be appropriate, and in the best interests of current PLG securityholders, for Propertylink (PLG) to cease to pursue the CIP Proposal and engage with ESR on our Indicative Proposal.”
ESR’s current assets under management are valued at US$13 billion ($A17.8 billion).
Ex-Goodman Group executive director Philip Pearce was recently appointed chief executive of ESR Australia.