Australia’s Propertylink intends to accept ESR’s latest takeover offer after the Asian logistics group increased the offer from AUD693m to AUD723m (€425.9m to €444m).

Propertylink said that, following discussions with ESR Real Estate Australia, the latter has decided to increase its all-cash offer to AUD1.20 per security.

The latest offer represents a 14.3% premium to the closing price of Propertylink securities at 20 September – the last traded price before ESR’s initial takeover offer.

As a result of the revised offer, Propertylink said it had withdrawn its own takeover bid, made in September, to buy out Centuria Industrial REIT for AUD755m.

But in the event that the ESR proposal did not proceed, Propertylink said it reserved the right to revisit its own bid for Centuria.

Propertylink directors said they unanimously recommended that securityholders accept ESR’s takeover bid, subject to an independent expert review of the offer – and in the absence of a superior proposal.

ESR will finalise its offer on completion of due diligence and negotiation on the terms of transaction acceptable to both parties.