Propertylink is no longer proceeding with its A$755 million takeover proposal for Centuria Industrial REIT after it received an increased A$1.20-per-security offer from the Warburg Pincus LLC-backed ESR Real Estate (Australia) Pty. Ltd.

Centuria Industrial's responsible entity, Centuria Property Funds No. 2 Ltd., said the real estate investment trust's former suitor made the decision to end its nonbinding indicative offer after it entered into a process deed with ESR Real Estate.

Despite the offer withdrawal for the REIT, Propertylink maintained that it reserves its rights to revive the merger pursuit in the event that ESR Real Estate's takeover proposal is called off or an implementation agreement is not signed in relation to the sweetened bid.

On Oct. 2, Centuria Industrial already rejected Propertylink's offer, which was lodged to pave the way in creating the largest industrial-focused REIT in Australia with a portfolio of about A$1.8 billion.