ESR’s A$723 million Takeover of Propertylink Group

Corrs Chambers Westgarth, is advising ESR on its A$723 million off-market takeover bid for ASX-listed Propertylink Group.

ESR’s cash takeover offer recently opened for acceptance by Propertylink security holders, following entry into a bid implementation agreement by ESR and Propertylink in mid-November. At the time of making the takeover offer, ESR held at 19.89% stake in Propertylink, which it acquired as part of a series of market raids that Corrs also advised on in 2017.

Backed by US private equity giant Warburg Pincus, ESR is a leading Asia-Pacific focused logistics real estate and funds management platform, with an ambition to establish a pre-eminent position in the Australian market. ESR focuses on developing and managing institutional quality logistics facilities that cater to third-party logistics providers, e-commerce companies, bricks-and-mortar retailers, cold-chain logistics providers and industrial companies and currently has assets under management worth over US$13 billion.

Propertylink is an ASX-listed internally managed REIT, which specialises in Australian industrial and office investments. Propertylink is a constituent of the S&P / ASX 300 Index and has a wholly owned industrial property portfolio, an investment management platform and co-investments in external funds.

ESR’s takeover bid for Propertylink is part of ESR’s focus on value creation which involves expanding its operations in Australia and identifying accretive acquisition targets for ESR, both as an owner of property and a fund, asset and property manager.

The Corrs deal team is led by Partners Sandy Mak (Picture), Adam Foreman and James Morley, who were supported by Special Counsel James Shirbin, Lawyers Tatiana Stein, Corinne O’Sullivan and Jordana Montag, and Graduate Justin Katz. The deal team was assisted from a real estate perspective by partner Andrew Leadston and his team. Corrs also advised on the finance aspects of the transaction, drawing on the expertise of Partner Simon Reid and Senior Associate James McNaught.

Involved fees earner: Adam Foreman – Corrs Chambers Westgarth; Andrew Leadston – Corrs Chambers Westgarth; Sandy Mak – Corrs Chambers Westgarth; James Morley – Corrs Chambers Westgarth; Simon Reid – Corrs Chambers Westgarth; James Shirbin – Corrs Chambers Westgarth; Tatiana Stein – Corrs Chambers Westgarth;

Law Firms: Corrs Chambers Westgarth;

Clients: ESR-REIT;

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Author: Michael Patrini