Hong Kong’s Starwood Capital raises buyout offer for Australian Unity Office

Australian Unity Office Fund, a real estate investment trust, announced that funds managed by Hong Kong-based investment firm Starwood Capital Asia raised its buyout offer for the company for a third time, making the deal potentially worth A$480.4 million ($338.9 million). 

Australian Unity Office said the funds sweetened their bid to $2.09 per cash unit, 8.5 percent higher than the last offer of $1.92 cash per unit. The offer represents a premium of 9.7 percent to the Australian Unity Office Fund’s last close.

Australian Unity Office Fund’s independent board committee said it was in the interests of unit holders to engage further with Starwood.

The company plans to grant Starwood up to four weeks to complete its due diligence and finalize the proposal.