<article>Warburg Pincus-backed pan-Asia logistics platform ESR&#8217;s Australian arm is currently in the final stages of completing its acquisition of ASX-listed Propertylink Group, it said in a statement on Thursday.</article>

Warburg Pincus-backed pan-Asia logistics platform ESR&#8217;s Australian arm is currently in the final stages of completing its acquisition of ASX-listed Propertylink Group, it said in a statement on Thursday.
As of March 20, ESR Australia had picked up a 98 per cent stake in Propertylink Securities, resulting in the offer to progress to the compulsory acquisition phase. ESR will now acquire the outstanding shares and Propertylink will become 100 per cent owned by ESR Australia by the end of this month.
ESR entered the Australian market through the <a href="https://www.dealstreetasia.com/stories/esr-australia-101273/">acquisition of industrial developer Commercial &amp; Industry Property (CIP)</a> last July from Charter Hall Group for $76 million.
“By acquiring Propertylink, ESR will benefit from Propertylink’s portfolio of high-quality industrial assets, sophisticated investment management platform with FUM (funds under management) of more than A$900 million ($640.6 million), and a team of experienced professionals.
&#8220;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. We look forward to formally completing the acquisition in late April,&#8221; said ESR Australia CEO Phil Pearce.
With a focus on Australian industrial and office investments, Propertylink Group is a real estate investment trust. It owns and manages a property portfolio comprising a diverse range of assets predominantly in Sydney and Melbourne with a total book value of A$1.8 billion ($1.28 billion) as of December 31, 2018.
“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,&#8221; said Propertylink CEO Stuart Dawes.
Last November, ESR announced it <a href="https://www.dealstreetasia.com/stories/esr-propertylink-111215/">entered into a binding agreement for the buyout</a> of Propertylink Group to acquire all Propertylink shares which it or an associate does not already own by way of an agreed off-market takeover bid for cash consideration of A$1.201 per security offer, or $526 million in total, after revising the final offer price from A$1.15.
The offer price revision put a rest to a long battle between Propertylink and ESR for control of local industrial REIT, Centuria Group.
ESR, which also runs capital and fund management offices in Hong Kong and Singapore, is one of the largest in the Asia-Pacific region, with assets under management of $12 billion, and over 10 million sq m of projects owned and under development across China, Japan, Singapore, South Korea, and India. It is also backed by Dutch pension fund managers APG and PGGM, Canada’s CPPIB, Goldman Sachs.
In June 2018, ESR had closed a <a href="https://www.dealstreetasia.com/stories/esr-bags-pre-ipo-investment-from-clsas-csobor-fund-100415/">pre-IPO investment from CITIC Securities One-Belt-One-Road (CSOBOR) Fund</a>, a private equity investment fund of CLSA.
The logistics firm is said to have<a href="https://www.dealstreetasia.com/stories/warburg-pincus-esr-hk-ipo-123891/"> filed for a Hong Kong initial public offering</a> of at least $1 billion and the IPO would likely to take place in the next one to two quarters, according to a Reuters report.
Also Read: 
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/esr-australia-makes-offer-to-fully-acquire-propertylink-122298/">ESR Australia makes offer to fully acquire Propertylink</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/warburg-pincus-esr-hk-ipo-123891/">Warburg Pincus-backed ESR said to file for HK IPO of up to $1.5b</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/warburg-backed-esr-reit-says-2019-will-be-a-balanced-year-for-acquisitions-118078/">Warburg-backed ESR REIT says 2019 will be a balanced year for acquisitions</a>

Warburg Pincus-backed pan-Asia logistics platform ESR’s Australian arm is currently in the final stages of completing its acquisition of ASX-listed Propertylink Group,

ESR Australia to complete Propertylink acquisition by April-end

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ESR Australia to complete Propertylink acquisition by April-end

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