The directors of Investa Office Fund (ASX: IOF) have advised investors to accept the $3.4 billion takeover proposal by US private equity group Blackstone. It is offering $5.35 per unit, while the share price of Investa has jumped 11% today to $5.12.
In an ASX announcement today, Investa notes that there will be discussions between Investa Property Group and Blackstone about potentially continuing the management of Investa Office.
The share prices of Australian REITs have been hurt by rising bond yields, with many of the REITs trading below their Net Tangible Assets per share, which does increase the appeal of a takeover. The Australian 10-year bond yield is back below 3%, which will support the sector’s performance.
The finalisation of the takeover of Westfield Corp Ltd (ASX: WFD) also provides cash that may go back into REITs.
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Motley Fool contributor Rosemary Steinfort has no financial interest in any company mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.