Oxford Properties Group will pay $3.35 billion to acquire all of the units in the Investa Office Fund (IOF).
International law firm Ashurst this morning confirmed its client Oxford entered into a scheme implementation agreement for 100 per cent of IOF units, valuing each at $5.60.
“The directors of ILFML have unanimously recommended that IOF unitholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of IOF unitholders,” Ashurst said.
“It is Oxford’s intention to establish a leading development, real estate investment and management platform in Australia consistent with Oxford’s integrated platforms both in North America and UK/Europe. This transaction represents Oxford’s first investment in the listed A-REIT sector”.
Blackstone was a rival bidder for the takeover which has been reported over the past five months. It made three offers, its highest valuing the units at $3.1 billion.
The Foreign Investment Review Board will need to approve Oxford’s proposal.
Oxford is controlled by the OMERS Canadian pension fund which was established in 1962 and has more than $A102 billion of assets under management.
Two years ago, OMERS was part of a consortium to buy a 50-year lease of the Port of Melbourne, offered by the Victorian government.