Blackstone bids US$2.4b for Investa

Source: Xinhua | 2018-05-29

UNITED States private equity giant Blackstone has made a A$3.1 billion (US$2.4 billion) bid for office property giant Investa, the Australian-listed firm said yesterday.

Investa Office Fund, which has A$4 billion of Australian assets under management, said the A$5.25 per share bid was unsolicited.

The company’s board is set to “unanimously recommend” the proposal, saying it presented shareholders “with an opportunity to realize their investment... for significant value and certainty.”

The bid came just over a month after Blackstone made a lower, confidential offer, Investa added.

The move into the Australian real estate market follows Blackstone’s purchase of an Auckland office precinct in New Zealand for NZ$635 million (US$441 million) two weeks ago.