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Australia's Propertylink hits all time high after ESR buys stake
October 4, 2017 / 2:10 AM / 14 days ago

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

(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

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