Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Australian Unity Office Fund / Event-Driven

Earlier this week, A-REIT <a href="https://www.smartkarma.com/entities/24077" target="_blank" data-smartkarma-citation="entities:24077:1">Australian Unity Office Fund (AOF AU)</a> <a href="https://www.asx.com.au/asxpdf/20181008/pdf/43z1mbd6qpr6g3.pdf" target="_blank">announced</a> an unsolicited, indicative non-binding offer of $2.95 cash per unit from Starwood Capital Group.
This indicative Scheme is Starwood's fourth proposal, having first approached AOF in March of this year ($2.43/unit), a second in May ($2.58/unit) and July's attempt in July ($2.72/unit).
$2.95/unit represents a 21.4% premium to its initial offer, a 9.7% premium to AOF's last closing price, a 10.5% premium to the latest NTA (June 2018) of $2.67/unit, and a 32.3% premium to the undisturbed price on the 29 March.
AOF have granted Starwood four weeks to complete its due diligence and finalise the Offer.
The Scheme is subject to FIRB. With an estimated completion late Feb, the gross/annualised spread is tight (considering this is indicative) at 2.8%/7.4%, before dividends/distributions. Provided there is no issue during DD, this is priced to complete.

Earlier this week, A-REIT Australian Unity Office Fund (AOF AU) announced an unsolicited, indicative non-binding offer of $2.95 cash per unit from Starwood Capital Group.
This indicative Scheme is Starwood's fourth proposal, having first approached AOF in March of this year ($2.43/unit), a second in May ($2.58/unit) and July's attempt in July ($2.72/unit).
$2.95/unit represents a 21.4% premium to its initial offer, a 9.7% premium to AOF's last closing price, a 10.5% premium to the latest NTA (June 2018) of $2.67/unit, and a 32.3% premium to the undisturbed price on the 29 March.
AOF have granted Starwood four weeks to complete its due diligence and finalise the Offer.
The Scheme is subject to FIRB. With an estimated completion late Feb, the gross/annualised spread is tight (considering this is indicative) at 2.8%/7.4%, before dividends/distributions. Provided there is no issue during DD, this is priced to complete.

Australian Unity Warm to Starwood's Fourth Attempt

Australia

Australian Unity Office Fund operates as a real estate investment trust. The Trust wholly owns a diversified portfolio of office properties located across Australian metropolitan and CBD markets in Sydney, Adelaide, Melbourne, Brisbane, and Canberra.

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Australian Unity Warm to Starwood's Fourth Attempt

Earlier this week, A-REIT Australian Unity Office Fund (AOF AU) announced an unsolicited, indicative non-binding offer of $2.95 cash per unit from...

David Blennerhassett