Logistics group ESR launches $505m bid for Australia’s propertylink

Logistics group ESR launches $505m bid for Australia’s propertylink
25/09/2018 , by , in INTERNATIONAL

Warburg Pincus-backed ESR has made a $505 million all-cash offer for Sydney-based real estate investment manager Propertylink, according to an announcement to the Australian stock exchange late last week.

The Pan-Asian warehouse investment platform’s Australian arm, is offering A$1.15 per security to take over all securities that it does not already own in the listed real estate investment manager. The proposal represents a 9.5 percent premium to Propertylink’s last closing price, according to a company statement.

The offer by ESR, a Hong Kong-based logistics developer and fund manager, comes just over two months after the nine-year-old industrial real estate firm bought into the Australian market by acquiring a development unit of real estate investment firm Charter Hall.

ESR’s indicative offer is, however, conditional upon a peaceful settlement to a year-long battle between Propertylink and a competing Australian REIT where ESR also holds a stake.

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