The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
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
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
View All >
Genesis Street Frontage 3D Concrete Printed Duplex with Nick Holden
Technology

Australia’s First 3D-Printed Duplex Halves Build Times

Leon Della Bosca
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
The 55-storey hotel and apartment scheme in Hyde Park has won planning committee backing, now awaiting state sign-off...
LATEST
Genesis Street Frontage 3D Concrete Printed Duplex with Nick Holden
Technology

Australia’s First 3D-Printed Duplex Halves Build Times

Leon Della Bosca
3 Min
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
2 Min
Charter Hall’s $925m Hyde Park skyscraper
Planning

Charter Hall $925m Sydney Skyscraper Wins City Backing

Vanessa Croll
3 Min
Sydney developer Platino Properties is planning a near 350-unit seniors development on the Northern Beaches as it continues to expand its over 55’s portfolio. The concept application extends the Skyline Place seniors precinct and is for 1 and 3 Skyline Place, Frenchs Forest.
Retirement & Aged Care

Platino Plans Northern Beaches Seniors Expansion

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