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Pension Funds

Ontario Municipal Employees puts in A$3.3 billion offer for Investa Office Fund

Proposal of A$5.50 per fund share tops Blackstone's A$5.35 bid

Ontario Municipal Employees' Retirement System, Toronto, made an A$3.3 billion ($2.4 billion) all-cash offer for Investa Office Fund, a portfolio of 35 Australian properties, confirmed a spokesman at Oxford Properties Group, the C$95 billion ($72.8 billion) pension fund's real estate investment unit.

The offer is 2.8% higher than a bid from Blackstone Group, according to an Oxford filing with the Australian Stock Exchange.

Oxford is offering A$5.50 per fund share vs. the A$5.35 offer from Blackstone, according to the filing.

In a separate ASX filing, Investa said it would review the Oxford proposal, but it continues to endorse the Blackstone offer and recommended that shareholders currently take no action.

The filings are on Investa's website.

Oxford managed OMERS' 14% in real estate assets as of Dec. 31.