ESR completes A$723m Propertylink acquisition

Asian logistics real estate platform ESR said it has effectively completed its A$723m takeover of Australian industrial and office landlord Propertylink.

ESR has bought 98% of the REIT’s shares and will compulsorily acquire the outstanding stocks by the end of April, the buyer said in a statement.

Propertylink has A$1.8bn of industrial and office assets, predominantly in Sydney and Melbourne.

“By acquiring Propertylink, ESR will benefit from Propertylink’s portfolio of high-quality industrial assets, sophisticated investment management platform with FUM of more than A$900 million, and a team of experienced professionals,” said ESR Australia CEO Phil Pearce.

“The combined capabilities of the existing ESR business in Australia, which includes CIP’s proven development expertise, with Propertylink’s leading asset and investment management capabilities provides a strong opportunity to establish ourselves as a leader in the Australian industrial and logistics real estate sector.”

Propertylink CEO Stuart Dawes commented: “By combining our two strategically positioned businesses, we create a diversified platform that will unlock significant growth prospects for the business supported by our substantial portfolio, development projects, property management business, and funds management platform.”

ESR has more than US$14bn worth of assets under management and its platform spans mainland China, Japan, South Korea, Singapore, Australia and India.

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