Australian investment manager Centuria Capital Group said in a release that it now owns a 19.51% relevant interest in real estate investment trust Propertylink, up from 11.38% as at Sept. 21.

The announcement comes after the Sydney-based REIT said it will not proceed with its planned takeover of Centuria Industrial REIT after receiving an increased offer from ESR Real Estate (Australia) Pty Ltd.

Propertylink's decision provides, among other things, certainty for Centuria Industrial's investors with regard to the company's future strategy, Centuria Capital said in a release, adding that the development may have a "material impact" on matters to be discussed at Propertylink's extraordinary general meeting Nov. 14, including Centuria Capital's proposal to renew Propertylink's board.

Centuria Capital added that while it does not yet have a final opinion on its intentions regarding ESR's revised proposal, it is open to discussing the offer's merits or transaction alternatives with ESR and other major shareholders. The company said it encourages Propertylink directors to continue supporting ESR's proposal in the absence of a superior offer.