Mirvac has been granted an exclusivity period as it continues talks to potentially acquire the Investa Office Management platform.
As DataRoom has previously reported, Mirvac moved into exclusive negotiations for both the platform and the investment stakes in Investa’s listed and unlisted vehicles, IOF and ICPF.
Morgan Stanley is trying to exit the $9 billion real estate giant Investa Property Group, which it took over in 2007, shortly before the start of the global financial crisis.
An independent board has been set up to guide the complex sales process, which includes divestment of the Investa Office Management platform, the arm that provides services for the ASX-listed IOF.
Today, that independent board commenced a process to undertake a full strategic review.
"The objective of the strategic review is to maximise value for all unitholders and the independent board committee will be exploring all options, including the ongoing management and ownership of IOF," Investa said in statement today.
The independent board has been engaged with Mirvac during the period of exclusivity and will continue to do so as part of the strategic review.
Macquarie Capital, Fort Street Advisers and Herbert Smith Freehills are assisting the board in the review.
Investa stressed there was no guarantee of any particular outcome from the review.
Mirvac shares closed 1.37 per cent higher to $1.855 against a benchmark index fall of 0.6 per cent.