Brookfield bids for Australian retirement community company 

Canadian firm Brookfield Property Group, a unit of Brookfield Asset Management, has launched a C$685 million ($515 million) bid for Australian retirement village owner Gateway Lifestyle Group, topping an earlier bid from Hometown America Corp.

The offer from Brookfield is A$2.30 ($1.70) per share, while Hometown America offered A$2.10 ($1.55) a week ago.

Gateway Lifestyle says it is providing due diligence access to Brookfield on an exclusive basis, noting that its offer is superior to the Hometown bid. The company added there was no guarantee the Brookfield proposal or any discussions will lead to a formal binding offer.

Brookfield has been an active buyer of property companies around the world. In March, the firm reached a deal to buy mall operator General Growth Properties for $9.25 billion in cash.