Fancy Apartment Rentals for Paris Olympics See Poor Demand and Price Cuts
Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Sep 4, 2018
Bloomberg News
,Ontario Municipal Employees Retirement System has offered A$3.3 billion (US$2.4 billion) for Australian property company Investa Office Fund, topping a bid from Blackstone Group LP.
The offer values Investa Office shares at A$5.50 each, 2.8 per cent more than Blackstone’s bid, the Canadian pension fund’s Oxford Properties Group unit said in a statement Tuesday. Investa Office last traded at A$5.32.
The successful bidder will get 35 properties stretching from Perth on Australia’s west coast to Sydney and the eastern seaboard, according to Investa’s website. The fund receives rental income from more than 400 tenants, including government agencies.
Investa has attracted suitors since at least 2015, when Dexus Property Group proposed a deal valued at about A$2.5 billion, a tie-up that was subsequently rejected by unit-holders. Cromwell Property Group made separate approaches in 2016 and 2017.
Investa Listed Funds Management Ltd., the responsible entity of Investa Office, recommended unitholders take no action at this point, and continues to recommend the Blackstone bid in the absence of a superior proposal.
OMERS is one of Canada’s largest pension funds, with assets of about $100 billion.