Corrs acts on $723m off-market takeover bid

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Corrs Chambers Westgarth is advising a private equity-backed assets manager in a $723m bid for an ASX-listed company.

The independent firm is acting for ESR on its $723m off-market takeover bid for Propertylink Group. The work comes after Corrs helped ESR buy nearly 20% of Propertylink in several market raids last year.

Corrs said that ESR’s cash offer recently opened for acceptance by Propertylink security holders after the two companies entered into a bid implementation agreement in mid-November.

“We are pleased to be advising ESR on this highly strategic and complex takeover offer which was made following Propertylink’s announcement of a proposal to acquire Centuria Industrial REIT in September, as a result of which Propertylink has now confirmed that it does not intend to proceed with an offer to acquire Centuria,” Corrs partner Sandy Mak said.

Mak is heading the firm’s team along with partners Adam Foreman and James Morley. Foreman said that the firm is excited to be acting again for ESR after it advised on the company’s acquisition of property development and construction company, Commercial & Industrial Property earlier this year.

ESR is a leading Asia-Pacific region-focused real estate and funds management platform backed by US private equity giant Warburg Pincus. Corrs said that the company, which has more than US$13bn in assets under management, wants to establish a leading position in the Australian market.

Propertylink is an ASX-listed internally managed REIT, which specialises in Australian industrial and office investments. It is a constituent of the S&P / ASX 300 Index.