Last week, Data Room reported that other potential suitors could rival a tilt by Tony Pitt’s 360 Capital for Allan Fife’s Australian Industrial REIT.
Some think Growthpoint could be closing in on the company.
Late last year, the South African-based real estate investor, which has a property fund in Australia listed on the ASX, was interested in a potential takeover of the public industrial property company Industria REIT.
Industria is run by APN Funds Management and while it caught Growthpoint’s attention, no deal eventuated.
Apparently, Mr Fife’s real estate company, Fife Capital, has been talking to other parties about some sort of corporate transaction relating to the $214 million real estate investment trust.
Mr Pitt’s company is mooting a scrip deal where 360 Capital Industrial Fund buys AIR for 0.89 of its own units for every share, valuing the target at about $2.20 per share.
Yesterday, its shares closed up 1c at $2.24, with its market capitalisation now at $216m.
AIR is working with Fort Street advisers, while 360 Capital has hired Moelis.
Mr Pitt’s 360 last month secured 12.9 per cent of AIF, and its board is citing concerns over a lack of compelling strategic benefits as to why it won’t engage surrounding the approach.