October 4, 2017 / 2:51 AM / a year ago

UPDATE 1-Australia's Propertylink hits all time high after ESR buys stake

(Adds background, share movement)

Oct 4 (Reuters) - ESR Pte Ltd, a unit of Asian logistics firm ESR Cayman Ltd, said it had taken an 18 percent stake in Propertylink Group, buying 60.2 million shares via off-market purchases.

Propertylink’s shares rose up to 8 percent to an all-time high after the real estate investment trust said on Wednesday that ESR Pte Ltd bought the stake.

ESR said in a statement that it intended to keep its options open in relation to investment in Propertylink, and hinted at a possibility of increasing its interest in the company.

PropertyLink had earlier rejected a takeover offer from fellow fund manager Centuria Capital Ltd.

Centuria Capital Group and Centuria Industrial REIT made the takeover after taking a 17 percent stake in Propertylink in early September.

Propertylink and Centuria Group declined to comment on the transaction.

Reporting by Hanna Paul in Bengaluru; Editing by Eric Meijer

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below