Starwood Capital has increased its bid for Australian Unity Office Fund by offering to pay AUD480m (€294.4m) for the listed property fund.

Australian Unity said this is Starwood’s fourth proposal after its three previous attempts were rejected by the board.

In the latest offer, Starwood Capital Asia - on behalf of funds managed or advised by Starwood Capital Group or its affiliates - has offered AUD2.95 cash for each Australian Unity security.

Australian Unity said Starwood made its first approach in March this year and it then sweetened its bid offer twice in May and again in July.

The latest offer represents a 9.7% premium to the trust’s last closing price of AUD2.69. It reflects a 21.4% premium – an increase of AUD0.52 per unit - to the initial offer received in March, it said.

Australian Unity said once the parties have agreed on a confidentiality agreement, Starwood will be granted a period of up to four weeks to complete its due diligence and finalise the proposal.

The board said the proposal is subject to a number of conditions including approval of Australia’s Foreign Investment Review Board.