31 July 2016
Propertylink, an internally managed real estate group that owns a diversified portfolio of industrial and logistics properties and a leading investment and asset management business, has lodged with the Australian Securities and Investments Commission (ASIC) a Supplementary Prospectus/Product Disclosure Statement in respect of its initial public offering of stapled securities and listing on the Australian Securities Exchange (ASX) (IPO or Offer).
The Supplementary Prospectus/Product Disclosure Statement highlights include:
Peter Lancken, Independent Chairman of Propertylink said: “The acquisition reflects Propertylink’s ability to implement its strategy of growing its investment and asset management business. The expected acquisition of the Dension portfolio will see Propertylink lock in part of its forecast assets under management growth for the FY17 forecast period,” Mr Lancken said.
Stuart Dawes, CEO of Propertylink said: “The acquisition of the Denison portfolio is an opportunity to source a sizable portfolio of assets with significant upside that can be unlocked with Propertylink’s management expertise to deliver superior risk weighted returns.
“The core properties are well-located and present strong investment fundamentals with 70 per cent of tenants being either publically listed companies, multinational companies or Australian Government departments,” Mr Dawes said.
Propertylink will commence trading on 5 August 2016 on a conditional and deferred settlement basis. The Offer to institutional and eligible retail investors is expected to be priced following a bookbuilding exercise within a range providing a pro forma forecast distribution yield of 7.3 per cent to 7.8 per cent for the 2017 financial year and is expected to raise approximately $500 million.
Credit Suisse (Australia) Limited, Goldman Sachs Australia Pty Ltd and J.P. Morgan Australia Limited are the Joint Lead Managers to the Offer. Baillieu Holst Ltd, Commonwealth Securities Limited and Ord Minnett Limited are the Co-Managers to the Offer.
The Offer is made by Propertylink (Holdings) Limited, Propertylink Investment Management Limited as responsible entity of Propertylink Trust and a Propertylink Australian Industrial Partnership and Propertylink Saleco Limited pursuant to the Prospectus and Product Disclosure Statement lodged with ASIC on 18 July 2016. Anyone considering investing in the offer should read the disclosure document carefully and in its entirety before deciding whether to apply for Securities. The Prospectus is available in electronic format at http://www.propertylinkinvestors.com.au.