Propertylink, the Sydney-based investment management firm, is seeking to raise A$500 million ($380 million; €344 million) by listing on the Australian Securities Exchange (ASX) after the industrial and logistics specialist lodged a prospectus with the Australian Securities and Investments Commission (ASIC) on Monday.
The offer, available to institutional and certain eligible retail investors, is to be priced following a bookbuilding exercise within a range providing a pro forma forecast distribution yield of 7.3 percent to 7.8 percent for the 2017 financial year.
“The group has over A$1.55 billion of Australian assets under management and a track record of performance. Propertylink’s historical performance has created an international reputation and profile which continues to attract leading global investors, and new mandates, and to drive growth in assets under management,” commented Peter Lancken, independent chairman of Propertylink.
Propertylink owns a portfolio of industrial and logistics properties independently valued at A$684.95 million as at 30 June 2016, with over 80 percent of the portfolio located in Sydney and Melbourne. Propertylink also manages nine external funds and investment mandates on behalf of institutional investors from North America, Europe, Middle East, Asia and Australia.
“We also offer an established and rapidly growing investment and asset management business and are well positioned for further growth in that business,” said Stuart Dawes, chief executive officer at Propertylink. “We are excited about the IPO, welcoming new shareholders and realizing the opportunities an ASX listing presents to Propertylink.”
Credit Suisse, Goldman Sachs and JP Morgan are the joint lead managers to the offer. Baillieu Holst, Commonwealth Securities and Ord Minnett are the co-managers to the offer.
Propertylink becomes the latest in a line of industrial and logistics firms that have listed their businesses. Back in 2010, Global Logistic Properties (GLP) listed on the Singapore stock exchange for S$3.45 billion ($2.55 billion; €2.31 billion). The Goodman Group started the trend in 1995 when it listed on the ASX as Goodman Hardie Industrial Property Trust with eight properties valued at A$75 million.