September 20, 2018 / 11:51 PM / 3 months ago

Australia's Propertylink gets $505 million takeover offer from ESR Group

(Reuters) - Real estate investment trust Propertylink Group (PLG.AX) said on Friday the Australian arm of real estate developer ESR Group had made a A$693.2 million ($504.9 million) takeover offer for the company.

ESR offered A$1.15 in cash for each share in Propertylink, a 9.5 percent premium to the stock’s last close, Propertylink said in a statement.

Propertylink added that ESR’s offer was subject to Propertylink not proceeding with its takeover offer for peer Centuria Industrial REIT (CIP.AX).

($1 = 1.3731 Australian dollars)

Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates

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