Centuria takes 17pc stake in Propertylink
Centuria Capital, led by John McBain, has made a surprise, but so far friendly, raid on on fellow property fund manager Propertylink, taking a 17 per cent stake.
The investment, worth around $97 million, has been established in two chunks.
Parent stock Centuria, a $290 million platform, has taken the larger 9.3 per cent stake in its $520 million peer.
Meanwhile, a $595 million listed fund that is managed within the Centuria stable, Centuria Industrial REIT, has taken a 7.7 per cent holding.
Together, the two listed Centuria funds said they will “seek to initiate discussions with Propertylink regarding potential strategic initiatives”.
Those discussions are yet to begin. Moelis is advising Centuria.
The initial response from Propertylink, which is led by Stuart Dawes, was welcoming.
“Propertylink is not aware of Centuria Capital and Centuria Industrial REIT’s intentions or initiatives, however is open to discussions to determine if any strategic initiatives proposed would be in the best interest of Propertylink security holders.”
Centuria has already made clear its ambition to build its platform, last year taking over much of the 360 Capital platform established by Tony Pitt in a $290 million deal.
Mr McBain said last month the deal had helped set Centuria up to generate more growth, both from its parent platform and the two listed trusts that it runs.
