Investa Wholesale Funds Management Limited (IWFML
), as responsible entity of the Investa Commercial Property Fund, today announces that it has entered into a binding Securities Sale Deed under which it has agreed to sell approximately 59.8 million Investa Office Fund (IOF
) securities, representing approximately 9.99% of IOF, to Oxford Properties Group
) for $5.25 per IOF security.
Completion of the sale is conditional on the Blackstone
trust schemes (Blackstone Proposal
) being voted down by IOF unitholders (such that the Blackstone Proposal cannot be implemented), or not voted on by 18 September 2018. IWFML is entitled to control the exercise of any rights to vote in respect of the IOF units it has agreed to sell to Oxford until completion of that sale.
IWFML confirms that there are no other arrangements or agreements in place with Oxford in relation to IOF.
Oxford is a leading international property developer, investor and manager, owned by the circa $100 billion OMERS Canadian pension fund. Oxford is a long term real estate investor and has confirmed to IWFML that it would view its holding in IOF as a strategic investment and as part of Its commitment to building a sizeable commercial real estate portfolio in Australia.
After careful consideration, IWFML and ICPF Holdings Limited (together ICPF) share the view that the current Blackstone Proposal does not adequately reflect the value of the IOF portfolio. Accordingly, ICPF confirms that it intends to vote all of the IOF securities it holds (being 19.99% of IOF) against the current Blackstone Proposal.
A copy of the Securities Sale Deed is attached
For further information, please contact:
Miche Paterson, Newgate Communications - 0400 353 762
About Oxford Properties Group
Oxford Properties Group is one of the world’s premier real estate investment, development and management companies. Established in 1960, Oxford manages over $40 billion of real estate assets on behalf of its co-owners and investment partners, with a global portfolio spanning over 60 million square feet. We have offices across Canada and in London, Luxembourg, Berlin, Boston, Washington DC, New York, San Francisco, Singapore and Sydney, with regional investment, development and management professionals who have deep real estate expertise and local market insight. Oxford is the global real estate arm of OMERS, the defined benefit pension plan for Ontario’s municipal employees. For more information, visit www.oxfordproperties.com, or follow us on LinkedIn or Twitter.
About Investa Commercial Property Fund (ICPF)
ICPF is a core prime office fund for institutional investors which aims to optimise total returns with a low-risk investment approach, concentrating on Premium-grade office assets in the major Australian CBD markets. With more than $4.5 billion in assets under management, ICPF is well-diversified by market, tenant and industry type, with an active capital management approach and a conservative gearing profile. The fund’s portfolio of 14 assets includes interests in some of Australia’s leading office buildings, including Deutsche Bank Place at 126 Phillip Street, Sydney, 420 George Street, Sydney and 120 Collins Street, Melbourne.
Investa is a leading Australian real estate company managing more than A$10 billion of quality office real estate. As a specialist office manager of commercial office buildings Investa manages more than 40 assets in the key Australian CBD markets on behalf of ICPF, the ASX-listed Investa Office Fund (IOF) and private mandates. Its end-to-end real estate platform incorporates funds, asset, property and facilities management, development, sustainability, capital transactions and research. Investa strives to be the first choice in Australian office, by delivering consistent outperformance for its investors and exceeding the expectations of its tenants and staff, while remaining an industry leader in sustainable building management and responsible property investment.