Propertylink IPO nears

Property funds manager and ­industrial property specialist Propertylink is nearing its ASX float.

A listing would mark the ­return of former Valad boss ­Stephen Day to the public arena, with the company structured as a stapled vehicle that will specialise in core-plus style investing.

As revealed in The Australian in May Propertylink will seek to raise $500 million plus.

Two high-profile investors have emerged as backers to ASX-aspirant and real estate and infrastructure fund manager, Propertylink, The Australian Financial Review Street Talk column has revealed.

Point Capital, run by former Macquarie power bankers Michael Carapiet and John Prendiville, was approached about one year ago to inject capital into Propertylink.

Carapiet had several executive roles at Macquarie over 25 years, and Prendiville was a 20-year veteran and global head at Macquarie.

Goldman and Grosvenor are looking for an opportunity to sell down their stakes.

Carapiet and Prendiville's emergence in the Propertylink deal comes after sponsor broker Goldman Sachs set a $568 million to $690 million equity valuation range for the float.

Propertylink has snapped up a portfolio of eight industrial assets across four Australian states for $135.3 million from Charter Hall in May.