Centuria snaps up stake in PropertyLink

Company News

by Jessica Amir

Centuria Capital Group (ASX:CNI) has snapped a 17 per cent stake in industrial real estate group, PropertyLink Group (ASX:PLG)

The property investment manager acquired a 9.3 per cent stake for $53 million in the group, while its Centuria Industrial REIT (ASX:CIP) also bought a 7.7 per cent stake in PropertyLink.

Centuria Capital funded the acquisition through cash reserves and its recently completed $25 million corporate bond issue.

Both Centuria Capital and its Industrial REIT say they will strike up discussions with PropertyLink on potential strategic initiatives.

Shares in Centuria Capital Group (ASX:CNI) are trading up 0.79 per cent higher to $1.27,
 

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?