This article is from the Australian Property Journal archive
STARWOOD Capital has pulled its takeover bid for Australian Unity Office Fund after the trust’s refinancing and extension of a debt facility breached terms of the offer.
AOF last week acknowledged that it was putting the potential deal at risk when announcing the move.
On Friday, a statement from Legs Bids on behalf of Starwood Bidder confirmed it would not free its offer from the condition new financing, which means that the offer could not succeed and will lapse.
Starwood Capital Group made an unsolicited all-cash, off-market takeover offer of $2.98 per unit reduced by any future distributions.
AOF’s responsible entity, Australian Unity Investment Real Estate Limited, refinanced an existing $70 million tranche, while also adding a further $30 million to its overall facility limit, for a term of five years. AOF’s debt facility has increased from $220 million to $250 million.
