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Reports: Propertylink advances A$500M IPO, nears deal for A$200M portfolio


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Reports: Propertylink advances A$500M IPO, nears deal for A$200M portfolio

Logisticsand office property manager and investor Propertylink submitted a prospectus for its estimatedA$500 million IPO inAustralia, secured several supporters for the plan and is closer to sealing adeal to acquire a A$200 million portfolio, according to media reports.

Thecompany lodged the prospectus July 18 for an Aug. 5 listing, and the company is expected to offer adistribution yield of around 7.3% to 7.8%, TheAustralian Financial Review reported. The broker firm and priority offerswill be open from July 26 to Aug. 3.

Withmore than A$1.55 billion of managed assets in Australia, Propertylink would bethe only internally managed industrial and logistics company focused inAustralia with an integrated investment and asset management platform,according to Propertylink Independent Chairman Peter Lancken.

Meanwhile,IPE Real Estate reported that thecompany secured the support of Goldman Sachs, the Townsend Group, Grosvenor,and the Saudi Arabia Economic and Development Co. for the IPO.

Further,the company is believed to be nearing a deal to acquire the almost A$200 millionDenison portfolio toboost its portfolio before the IPO, according to The Australian.

CreditSuisse, Goldman Sachs and J.P. Morgan will serve as the joint lead managers forthe IPO, while Baillieu Holst, Commonwealth Securities and Ord Minnett are theco-managers.

As of July 18, US$1 wasequivalent to A$1.32.