AVID Property Group has submitted an A$2.2 billion ($1.54 billion) takeover proposal for Australian residential property operator Ingenia Communities Group, backed by a global sovereign wealth fund and financial sponsor reportedly identified as Mubadala Investment Co. and Brookfield, respectively.
The unsolicited, nonbinding proposal offers A$5.35 ($TK) per stapled security in cash, plus a permitted distribution of up to A$0.05 ($TK) per security, bringing the potential total consideration to A$5.40 ($TK). The offer exceeds a competing proposal from U.S. private equity firm Warburg Pincus, which had previously submitted several bids for Ingenia.
According to The Australian and IPE Real Assets, Abu Dhabi sovereign wealth fund Mubadala and Brookfield are backing AVID’s proposal. AVID is owned by real estate investment manager Proprium Capital Partners.
Ingenia has entered into a process deed granting AVID up to six weeks of limited exclusivity to conduct due dil
