Starwood Capital Group, through Starwood Capital Asia Ltd., increased its takeover offer for Australian Unity Office Fund by 21.4% to a cash consideration of A$2.95 per unit.

The unsolicited, indicative and non-binding proposal marks an increase of 52 Australian cents per unit to the offer submitted by Starwood Capital for the trust on March 29, according to a news release. It represents an aggregate valuation of nearly A$480.4 million with respect to the real estate investment trust's 162,831,952 outstanding shares as of Nov. 7, 2017.

Starwood's latest bid follows previous unsolicited proposals to the trust of A$2.56 per unit in May and A$2.72 per unit in July, according to a release. It reflects a 9.7% premium to Australian Unity's A$2.69-per-unit closing price as of Oct. 5 and a 10.5% premium to the targeted REIT's net tangible asset per unit of A$2.67 as of June 30.

Australian Unity Investment Real Estate Ltd., the responsible entity of the target, formed an independent board committee to review the bid. It added that it intends to grant Starwood Capital up to four weeks of due diligence access to finalize the offer.

The scheme will be subject to, among other conditions, the approval of Australian Unity's unit holders and the Australian Foreign Investment Review Board.