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Reuters
Reuters
Business

Australia's Propertylink gets $505 mln 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>.

(Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

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