Sept 21 (Reuters) - Real estate investment trust Propertylink Group PLG.AX said on Friday the Australian arm of real estate developer ESR Group had made a A$693.2 million ($504.9 million) takeover offer for the company.
ESR offered A$1.15 in cash for each share in Propertylink, a 9.5 percent premium to the stock's last close, Propertylink said in a statement.
Propertylink added that ESR's offer was subject to Propertylink not proceeding with its takeover offer for peer Centuria Industrial REIT CIP.AX . = 1.3731 Australian dollars)