Australian Unity called the Canadian suitor’s efforts to highlight the increases in its offers ‘meaningless’ as earlier proposals had ‘materially undervalued’ the healthcare real estate fund.
The Perth development deal is the latest in a string of additions to Dexus’ unlisted healthcare real estate fund and will take its portfolio past $1.3 billion.
Third-time lucky? Northwest lobs $2.7b bid for Australian Unity fund
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Canada’s NorthWest Healthcare Properties has sweetened its bid for Australian Unity’s unlisted healthcare real estate fund after two rejections, taking the offer to around $2.7 billion in total.
Australian Unity quietly posted the revised offer of $2.55 per wholesale unit on its website late on Tuesday afternoon.
Australian Unity’s portfolio includes the $20 million hospital planned at Robina on the Gold Coast.
The offer is the third so far that the deep-pocketed Canadian investment platform has pitched. In March, it put up a $2.35 per unit bid, worth about $2.5 billion in total, after lobbing its initial offer of $2.20 in February.
Allens has advised Australian Unity on its purchase of aged care and retirement provider Greengate Partnership Pty Ltd for approximately $65 million (net.