Canada’s Northwest Healthcare Properties REIT has lifted its bid for Australian Unity Healthcare Property Trust (AUHPT) for the second time to almost A$2.7bn (€1.7bn).
The latest bid increases the offer for the Australian Unity managed AUHPT by up to A$100m.
Backed by Singapore’s GIC, Northwest made its first bid in February, at A$2.25 per security for the wholesale fund. In March, it offered A$2.35 per share. The offer has now gone up to A$2.55 per security.
Australian Unity said the unsolicited proposal remained “non-binding and subject to conditions and approvals, including FIRB approval and entry into formal binding documents”.
“The board of Australian Unity Funds Management will assess the revised proposal and determine whether it is in the interests of AUHPT unitholders to further engage with NorthWest,” Australian Unity said.
Industry sources said the Canadian suitor’s persistence could be explained in its interest in a billion-dollar development pipeline that Australian Unity has earmarked for the fund.
AUHPT controls a A$2.4bn portfolio of 62 assets, including several private hospitals, such as the Robina Private Hospital on Queensland’s Gold Coast.
It has been suggested in recent weeks, that to shore up its defence against Northwest, Australian Unity is looking to tie up with one of the country’s largest listed groups, such as Dexus and Charter Hall, which have entered the healthcare sector and are looking to increase their presence.
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