The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
IndustrialFri 21 Sep 18

ESR Makes $693m Takeover Bid for Propertylink

f76d01eb-6acf-4822-9418-4947df58b678

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.

Related: ESR Buys Australian Developer for $100m

“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.

IndustrialAustraliado not useFinancePolicySector
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
The 510-apartment Triniti Lighthouse development has received conditional planning approval despite community objections…
LATEST
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/esr-makes-693m-takeover-bid-for-propertylink-