It may be third time lucky for Starwood Capital in its attempt to buy the Australian Unity Office Fund.
Following failed bids in March and July, the US-based investment group is offering $2.95 per unit – equating to $480 million – for the fund which controls nine assets across the country.
The latest offer represents a 10.5 per cent premium to the fund’s net tangible asset value, according to this statement Australian Unity Office Fund posted on its website today.
The Australian Unity Office Fund portfolio includes:
• 30 Pirie Street, Adelaide, SA, an A-grade, 23-storey complex • 150 Charlotte Street, Brisbane, Queensland • 241 Adelaide Street, Brisbane, Queensland • 10 Valentine Avenue, Parramatta, NSW • 32 Phillip Street, Parramatta, NSW • 2 and 5 Eden Park Drive, North Ryde, NSW • 468 St Kilda Road, Melbourne, Vic (pictured, top) • 64 Northbourne Avenue, Canberra, NSW