Propertylink
Pre IPO
In 2014 MP Funds Management facilitated investment in the headstock of real estate investment management business, Propertylink. Investing in and managing significant industrial warehouse portfolios, office tower portfolios, and infrastructure projects. Other Propertylink co-investors included Goldman Sachs and London's Duke of Westminster.
Propertylink was set up with a critical focus on industrial logistics property and listed on the ASX to be an attractive Australian platform combining a sizeable industrial portfolio with a successful investment business with $1.9 billion funds under management.
The Australian IPO yielded our MP Funds Management investment partners a gross annual internal rate of return of 24% per annum[PB1] .
In September 2018, private equity-backed logistics platform ESR acquired Propertylink in a $723.4 million deal ($1.20 per share) after both sides announced they had struck a binding agreement on the buy-out.
The deal followed nearly a month of due diligence by the powerful Asia-based platform, which had only recently established a presence in the Australian market, having sought a local industrial platform in Australia and acquired the CIP platform from Charter Hall in July in a $102.5 million deal.
At the time ESR had also recently taken minority stakes in both the listed Centuria Capital Group, 14.9%, and the Propertylink platform, 19.9%.
ESR is a pure-play, pan-Asia logistics real estate platform, one of the largest in the region, with assets under management of more than $US12 billion.
ESR is backed by Dutch pension fund managers APG and PGGM, Canada's CPPIB, Goldman Sachs, Chinese insurance giant Ping An, and South Korean conglomerate SK Holdings.
Asset type: Headstock - pre IPO
Investment type: Equity
Return: 20% per annum +
Status: Complete
Warning:
Returns are not guaranteed. Past performance is not a reliable indicator of future performance.
Forecasts are based on assumptions and estimates. Actual performance could differ materially and therefore it is not appropriate to rely on forecasts or assume that they will always be accurate.