Plans by the Investa Commercial Property Fund to launch a rival offer for Investa Office Fund to counter a move made by Dexus last week are thought to be accelerating.
Apparently, ICPF now has 99 per cent shareholder approval to launch an offer to jointly mange IOF, which owns some of Australia’s most prominent office buildings. ICPF is expected to take the proposal to Investa’s parent, Morgan Stanley, within days.
A rival approach is likely to secure Morgan Stanley’s backing, given it is expected to place more money on the table.
Last week, Investa Office Fund staff were calling on the board to pursue a joint path of internalisation with ICPF, or to maintain the status quo of external management with services provided by the existing platform.
The move by ICPF is expected to happen before Christmas.