More rationalisation in property trust game downunder
(Australia) - Australia's Investa Property Group has launched a A$1.52 billion cash and share bid for 100 percent of US based Principal Financial Group's Australian office property trust.
Having already secured a strategic 8.4 percent stake in Principal Office Fund (POF), Investa's bid has valued POF at A$1.63 per trust unit at an 18.1 percent pre-bid premium.
Market rumours are suggesting the offer will spark a bidding war. Should the bid be successful, the merged business will have a market value of around A$2.9 billion based on interests in 39 office investment properties across six Australian state capitals.
Market rumours are suggesting the offer will spark a bidding war. Should the bid be successful, the merged business will have a market value of around A$2.9 billion based on interests in 39 office investment properties across six Australian state capitals.
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