Collishaw to exit Centuria

Former Mirvac Group boss Nick Collishaw will step down as Centuria’s group chief executive of listed funds early next year.

Mr Collishaw, who was previously Mirvac’s managing director, will become a non executive director.

His executive duties will be taken on by Centuria’s Jason Huljich.

Mr Huljich currently heads Centuria’s unlisted funds division.

Mr Collishaw joined Centuria in 2013 and is stepping down from the executive role running the company to focus more of his time on his private interests.

It comes after Centuria launched a takeover bid for listed rival Propertylink Group, which has been rejected by the target.

Under the proposal, Centuria Capital Group (CNI) would acquire Propertylink’s funds management business and co-investment stakes while Centuria Property Funds would acquire the company’s balance sheet industrial portfolio.

It proposed that shareholders would receive $0.055 cash per security, 0.23 Centuria Capital Group securities and 0.23 securities in Centuria Property Funds.

But Propertylink, owner of a $1.8 billion property portfolio, said the offer undervalued the company.