The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSING TONIGHT FINAL CHANCE TO GET RECOGNISED FOR YOUR WORK
NOMINATIONS CLOSING TONIGHT | URBAN LEADER AWARDS
NOMINATE 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
OfficeTed TabetThu 13 Sep 18

Propertylink Makes Move on Centuria Industrial REIT, Sells North Sydney Tower

5ff6f154-1207-44f7-aead-2ed72cf10310

ASX-listed investment firm Propertylink has seized a 12.2 per cent stake in real estate investor Centuria Industrial REIT worth $90.3 million in an off-market takeover bid.

JPMorgan, on behalf of Propertylink, began purchasing on Wednesday and Thursday quickly amassing a 5 per cent stake.

It is understood that a total of 30.2 million shares have now traded at $2.99 each, bringing Propertylink's stake to 12.2 per cent.

Propertylink values the equity of its takeover target at $755 million with the full buy-out proposal conditional on it acquiring at least 50.1 per cent of Centuria's units.

The attempted takeover of the industrial fund is the latest move in a complex entanglement between the two fund managers.

Centuria, which controls a $1 billion property portfolio of industrial and logistics centres, last year made a failed bid for Propertylink and also owns shares in the Sydney-based investment firm.

Propertylink's rationale for the proposal included an attempt to grow the investment management business by establishing new funds and providing security holders with superior risk-adjusted returns.

It has also argued that its proposal would provide significant benefits to Centuria.

Related: Propertylink Acquires Sydney Business Park for $48 Million

Image: Knight Frank


Propertylink divests 80 Mount Street, North Sydney

Propertylink has also announced the sale of its 14-storey office tower in North Sydney for $71 million.

The sale of the 80 Mount Street asset, to a private Hong Kong-based investor, reflects an initial yield of 4.32 per cent and a total equity return of 58 per cent.

Knight Frank’s Tyler Talbot and Dominic Ong in conjunction with CBRE’s James Parry, Kenny Duncanson and Sharon Yang managed the listing.

“Since the acquisition of 80 Mount Street, we have deployed a targeted capital expenditure program to refurbish and upgrade the building,” Propertylink chief investment officer Peter McDonald said.

“Most significantly however, we have undertaken extensive leasing activity across 55 per cent of the building area, driving occupancy from 75 per cent to 92 per cent over the last two years.”

The B-grade office asset comprising of 6,204sq m of net lettable area was acquired by Propertylink in August 2016.

OfficeIndustrialAustraliaList
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
Exclusive

Inside the Strategy Behind Australia’s Largest Direct Real Estate Deal

Phil Bartsch
5 Min
View All >
Industrial

Melbourne Steps Out of Sydney Data Centre Shadow

Lindsay Saunders
Infrastructure

Fast-Track Funding Clears Way for 13,000 Queensland Homes

Lindsay Saunders
Sterling Global 623 Collins Street tower rendering HERO
Development

Sterling Global Greenlit for Melbourne Heritage Highrise

Leon Della Bosca
A Gold Rush-era bank is beginning a new chapter in its long history, as the cornerstone for a 41-storey tower on Collins…
LATEST
Industrial

Melbourne Steps Out of Sydney Data Centre Shadow

Lindsay Saunders
4 Min
Infrastructure

Fast-Track Funding Clears Way for 13,000 Queensland Homes

Lindsay Saunders
2 Min
Sterling Global 623 Collins Street tower rendering HERO
Development

Sterling Global Greenlit for Melbourne Heritage Highrise

Leon Della Bosca
4 Min
Morris Property Group London Circuit concept HERO
Planning

Site Consolidation Bid Latest Step for ACT Office Plan

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/propertylink-makes-move-on-centuria-industrial-reit-sells-north-sydney-tower-