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Report: Link taps JPMorgan to review options for Property Exchange stake

Link Administration appointed JPMorgan to assist with its ongoing review of options for its 19.7% shareholding in IPO-hopeful Property Exchange Australia Ltd., or PEXA, The Australian Financial Review's Street Talk blog reported.

Among Link's options are increasing or decreasing its stake in the Australian digital real estate exchange network or buying the rest of the business alone or as part of a consortium or by selling its shares. PEXA's second-largest shareholder may also exit its investment in the company, as it is said to be planning a A$1 billion IPO, the publication added.

Aside from Link, the online real estate settlement company is also backed by four big local banks and the state governments of New South Wales, Victoria, Western Australia and Queensland.

By June it is expected that PEXA's board will name two joint lead managers. It also needs to pick between an IPO or a trade sale by July in order to close by 2018-end, according to the May 15 report.