Blackstone Adds $120 Million to ‘Best and Final’ Offer for Investa

US fund giant Blackstone has upped its takeover bid for Investa by $120 million.

The new offer to ASX-listed property trust Investa lifts Blackstone’s offer to $3.26 billion.

Blackstone’s revised offer comes after major shareholder Investa Office Fund, which controls almost 20 per cent of the Investa Office Fund, announced earlier this week it would vote against Blackstone’s earlier proposed $3.1 billion bid.

Blackstone, the world’s largest owner of real estate, said it was prepared to increase the consideration payable under the scheme from $5.25 to $5.45 per IOF unit.

Taking into account the declared distribution of 10.15 cents per IOF unit, unitholders will receive an increase in cash consideration from $5.15 to $5.35 per IOF unit.

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Blackstone announced it will not increase the scheme consideration further, adding this revised price is “best and final” particularly given there are no superior proposals on the table.

The tussle between ASX-listed Investa and Blackstone began in April this year, when Investa received an unsolicited $3.14 billion cash bid from Blackstone.

Cromwell Property Group abandoned a bid to acquire the Investa Office Fund in October 2017, and Property group Dexus, Australia’s largest office owner, also made a failed attempt at bidding for the fund.

Blackstone’s increased $3.26 billion is also conditional on Investa Wholesale Funds Management Limited (IWFML) issuing a public statement by Friday 24 August that it intends to vote in favour of the Scheme and in the absence of a superior proposal.

Blackstone is advised by UBS while JPMorgan is advising Investa.

Investors will vote on Blackstone’s proposal on August 29.