Investa Office Fund's responsible entity, Investa Listed Funds Management Ltd., deferred discussions over the potential acquisition of a 50% stake in the Investa Office Management platform.
Pursuant to an Investa Implementation Deed, the listed fund will have until Aug. 11, 2017, to inform Investa Office Management Holdings Pty. Ltd. if it plans to acquire the half stake in the platform.
The independent directors of IOF's responsible entity also successfully negotiated the extension of the A$45 million acquisition price, plus agreed working capital and other agreed reimbursement adjustments, if the sale is completed before the period between Feb. 28, 2017, and May 31, 2017, as part of the deed.
IOF said that a decision for a potential purchase will be based on how the fund works with the platform that will be determined by an operational and governance review.
As of Dec. 12, US$1 was equivalent to A$1.33.