Starwood Capital has made a fresh attempt to take over the listed Australian Unity Office Fund (AOF), in a revised A$485m (€296.6m) bid.
Starwood said it intended to make an all-cash takeover offer for all outstanding units in AOF for A$2.98 per unit.
The US investor originally offered A$2.95 per security for AOF units, which it then reduced by the amount of the distribution taking it to A$2.871. But last November, AOF rejected the offer.
Starwood’s latest offer – its sixth attempt to take over AOF – is higher than a joint offer made by Charter Hall Group and Abacus Property Group last year.
Starwood said investors representing an aggregate of 16.7% of AOF units had indicated their support for the takeover and had entered into pre-bid agreements with Starwood.
The proposal is conditional on Starwood receiving regulatory approval and 90% minimum acceptance by unitholders.
AOF said an independent board committee would be established to consider the offer, and that AOF unitholders would be informed of any material developments.
AOF owns a A$668m diversified portfolio of offices in several Australian cities.