Funds managed by Starwood Capital Asia Ltd raised their buyout offer for Australian Unity Office Fund for a third time, making the deal potentially worth A$480.4 million ($338.9 million).
Australian Unity Office said the funds increased their bid to A$2.95 ($2.08) per cash unit, 8.5 percent higher than the last offer of A$2.72 ($1.92) cash per unit.
Starwood is now set for a period of up to four weeks to complete its due diligence and finalize the proposal, once the parties have agreed to a confidentiality agreement.
In April, Starwood Capital Group closed its 11th opportunistic real estate fund, Starwood Global Opportunity Fund XI, with $7.55 billion. SOF XI is the firm’s largest fund in its history.
