Thursday, 9 Apr 2020

Starwood to make new, $485 million offer for Australian Unity Office Fund

(Reuters) – U.S. investment firm Starwood Capital Group said on Wednesday it will make a $485 million all-cash offer for Australian Unity Office Fund (AOF) (AOF.AX) in at least its fourth attempt to buy the property fund manager.

A Starwood Capital fund, SOF-XI Legs Holdings, said it will pay $2.98 per unit of the Australian company, a premium of 2.4% to the fund’s last close of A$2.91.

This follows several public offers made to AOF by Starwood, with the last offer of A$2.95 coming in 2018. (

The U.S. private equity firm said it entered pre-bid agreements with investors that hold 16.7% of AOF units and added that they supported the offer.

Australian Unity Investment Real Estate Limited, which oversees AOF, said it will establish an independent board committee to consider the intended offer.

Rothschild & Co is acting as Starwood’s adviser on the deal.

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