Centuria REIT sees $755m off-market takeover

Australia's largest industrial REIT is seeing a $755 million off-market takeover offer from another REIT.

PropertyLink Group (PlG) wants to acquire the all outstanding units in the Centuria Industrial REIT (CIP) for a combination of cash and PLG securities.

PLG submitted a non-binding and indicative proposal yesterday. For each CIP unit, PLG is offering 33 cents in cash and 3.5 PLG shares.

Following a 100% acquisition, PLG will become the largest A-REIT focused on Australian industrial real estate ownership.

It will have a combined portfolio of $1.8 billion, an extended WALE, increased tenant and geographical diversification.

It would also make PLG likely to be eligible to be included in the S&P/AS200 index, the manager said.

On acquiring more than 50.1%, PLG will appoint a group member to replace Centuria Property Funds No. 2's responsible entity - thereby earning an investment management fee.

Read more: PLGAustraliaCIPCenturia Industrial REIT forCenturia Property FundsPropertyLink GroupS&PWALE
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