ESR Pte. Ltd. and its subsidiaries acquired 34,364,203 securities representing a 14.9% stake in Centuria Capital Group, one-half of the duo trying to take over ESR's new investment, Propertylink.

ESR carried out the transaction through a share-swap transaction with the Singapore branch of Credit Suisse AG, according to a filing with the Australian stock exchange. With ESR paying A$1.48 in cash per Centuria security, the deal comes out to about A$50.9 million.

Commenting on the acquisition, Centuria said in a statement it looks forward to meeting with ESR, as with all key stakeholders, at an appropriate time.

Centuria added that 5% of ESR's 14.9% stake is subject to the approval of Australia's Federal Treasurer, in compliance with the country's Foreign Acquisitions and Takeovers Act.

Centuria and Centuria Industrial REIT own a 17% interest in Propertylink, which manages an estimated A$1.6 billion of properties. ESR, on the other hand, has an 18% stake in Propertylink.