<article><a style="color: #000080;" href="https://www.dealstreetasia.com/stories/warburg-pincus-invests-181m-in-hong-kongs-weave-co-living-110923/" target="_blank" rel="noopener">Warburg Pincus</a>-backed pan-Asia logistics platform <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/esr-reit-vit-merger-effective-108855/" target="_blank" rel="noopener">ESR</a> will acquire the remaining stake in ASX-listed Propertylink, in a deal that values the real estate investment manager at $526.714 million (A$723.4 million).</article>

<a style="color: #000080;" href="https://www.dealstreetasia.com/stories/warburg-pincus-invests-181m-in-hong-kongs-weave-co-living-110923/" target="_blank" rel="noopener">Warburg Pincus</a>-backed pan-Asia logistics platform <a style="color: #000080;" href="https://www.dealstreetasia.com/stories/esr-reit-vit-merger-effective-108855/" target="_blank" rel="noopener">ESR</a> will acquire the remaining stake in ASX-listed Propertylink, in a deal that values the real estate investment manager at $526.714 million (A$723.4 million).
Both firms entered into a binding agreement for the buyout.
&#8220;Propertylink Group today announces that it has entered into a binding bid implementation agreement (BIA) with ESR Real Estate (Australia) Pty Ltd (ESR) in relation to ESR’s proposal to acquire all Propertylink securities which it or an associate does not already own by way of an agreed off-market takeover bid for cash consideration of $1.201 per security (Offer),&#8221; the Sydney-based company said in a stock exchange filing this week.
The offer price for the final offer was revised from A$1.15 per share, which was ESR&#8217;s offer in a buyout bid launched two months ago, to A$1.20 per share. The offer put to rest a long battle between Propertylink and ESR for control of local industrial REIT, Centuria.
The offer price of A$1.2 represents a 14.3 per cent premium to the closing price of Propertylink securities as on 20 September 2018 of $1.05 and 4.3 per cent increment to ESR’s initial proposal price of $1.15, the filing said.
Propertylink chairman Peter Lancken said, “ESR’s offer provides Propertylink security holders an opportunity to realise certain value for their Propertylink securities, at an attractive premium to Propertylink’s trading price prior to the receipt of ESR’s initial proposal and NTA.”
The offer, however, is conditional upon a number of conditions.
ESR has confirmed that it has received notification from FIRB that the Australian Government has no objection to the offer in terms of its foreign investment policy.
The logistics platform already owned 19.9 per cent in Propertylink while Centuria held 9.3 per cent.
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 square 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&#8217;s CPPIB, Goldman Sachs. As a way to enter the Australian market, it acquired industrial developer CIP.
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Warburg Pincus-backed logistics platform ESR to acquire remaining stake in Propertylink, a deal that values the real estate investment manager at $526.714 million.

Warburg-backed ESR to buy rest of Sydney-based Propertylink in $527m deal

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Warburg-backed ESR to buy rest of Sydney-based Propertylink in $527m deal

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