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Heitman says stake deal would make IOF's structure more complex

Investa Office Fund, or IOF, investor Heitman emerged as the latest in a list of parties that aren't exactly supportive of a restructuring plan that will have it take a 50% stake in the Investa Office Management Pty. Ltd. platform.

The Australian reported May 29 that Heitman managing director of public securities John White said it is "very hard" to be positive about the internalization because it would only make the fund's structure more complex. White was also reported as saying that two of three proxy advisers have recommended unit holders to vote against the plan.

Cromwell Property Group — an IOF shareholder with a standing A$3 billion take-private offer mired with controversies — has been vocal about voting against the stake deal. It most recently said a rumored postponement of the scheduled May 31 meeting to vote on the restructuring will be "confusing and unsettling" for IOF unit holders.

The publication also reported, without naming any sources, that the fund is still mulling whether or not it will postpone the scheduled May 31 meeting to vote on the plan, though nothing has been finalized.

As of May 26, US$1 was equivalent to A$1.34.