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Transactions - APRIL 5, 2017

Cromwell makes another bid for Investa Office Fund

by Andrea Waitrovich

Australia-based Cromwell Property Group has offered a cash bid of A$2.98 billion ($2.26 billion) to acquire all the outstanding shares for Investa Office Fund, an Australian REIT.

On April 4, Cromwell made a bid of A$4.85 ($3.67) per share for the company, and Investa Office Fund shares closed at A$4.72 ($3.57) per share.

Cromwell made a takeover approach for Investa Office Fund of A$2.7 billion ($2.04 billion) in November, offering A$4.45 ($3.37) per share, but it was rejected by the board members of the Investa Office Fund. Cromwell bought its current 9.83 percent stake in April 2016.

Other companies have made bids for Investa Office Fund. The Australian revealed March 31 that IOF had entered talks with Investa Commercial Property Fund about buying 50 percent of the management rights of the entire Investa office platform.

Other contenders for the company include Dexus Property Group and Mirvac Group.

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