Propertylink Group, the $458 million owner and manager of industrial property that listed in August, is “well on track to meeting its prospectus guidance”, according to chairman Peter Lancken.

Mr Lancken told the annual general meeting in Sydney on Tuesday that Propertylink had made considerable progress since the company was formed in 2001 but the “real excitement is what lies ahead”.

Which would be good news for investors whose stock has never traded above the issue price of 89¢, and has sunk as low 67¢, before recovering to Tuesday’s close of 76¢..

Mr Lancken described Propertylink, which manages $1.7 billion of assets, as the only Australia-focused, internally managed industrial and logistics property group with an integrated investment and asset management platform.

His chief executive, Stuart Dawes, noted that about 80 per cent of the group’s revenue was derived from investments and co-investments, and 20 per cent from investment management. For investors, the growth of rental income and management income are both important.

Mr Lancken said PropertyLink continued to experience strong demand for global capital chasing return on investment.

“Yields in Australian property remain attractive, particularly to global investors who are operating in low and negative-interest-rate environments,” he said, pointing to the group’s “international reputation” and relationships with global investors.

He also addressed concerns that in a market with less stock to buy, Propertylink might struggle to meet its targets for growth in assets under management or overpay for new assets.

“There has been some commentary in the market about the continuing availability of assets in an increasingly tight market,” he said.

“The board is confident that the Propertylink team, who on average have 20 years of experience and valuable insights gained through a variety of property market cycles, is constantly evaluating opportunities and always take a disciplined approach to potential acquisitions.”

He said the recent Denison acquisition showed the group’s ability to grow its investment and asset management business.

Mr Dawes addressed the rental income side of the business.

“The strong fundamentals that underpin our business are reflected in our recent leasing success across seven Propertylink-owned properties,” he said, noting that all deals were done on terms that were “more favourable” than those used in the prospectus forecast.

Mr Dawes confirmed other reports that Sydney is the strongest industrial leasing market in the country and noted that the Melbourne properties had been “substantially de-risked”.

The meeting was not required to vote on remuneration but did vote on four other resolutions, all of which were passed, including a strong, 98.7 per cent vote in favour of the re-election of executive director and vice-chairman Stephen Day.

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