Third time lucky for Starwood Capital with $480 million bid for Australian Unity Office Fund

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

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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