ESR has moved a step closer with its AUD723m (€457) takeover of Propertylink Property Group after Centuria Capital Group agreed to sell its 19.51% stake in the target company.

Centuria’s acceptance has lifted the Australian arm of the pan-Asian logistics group’s interest in Propertylink to 74.5%.

Centuria, while it held the 19.51% blocking stake in Propertylink, had been the main stumbling block to ESR progressing further on its offer.

Centuria unsuccessfully made its own takeover bid for Propertylink but continued to hold the significant stake in the Sydney-based group.

Propertylink had also previously proposed to take over a Centuria-managed fund, the listed Centuria Industrial REIT, for AUD755m.

But it was stopped when ESR, which is controlled by Warburg Pincus and had an existing 19.9% stake in Propertylink, in turn, made an offer to take over all Propertylink shares that it did not own.

ESR Real Estate Australia said today that remaining shareholders have until the end of this month to accept its “best and final” all-cash offer of AUD1.20 a share.