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Report: Starwood gives Cromwell's IOF bid new hope

Private investment firm Starwood Capital is considering supporting Cromwell Property Group's proposed A$3 billion takeover bid for Investa Office Fund, or IOF, The Australian Financial Review's Street Talk reported.

The firm sent a team to Brisbane and Sydney to inspect a number of assets involved in the A$4.45-per-unit take-private offer, the May 31 report noted.

Cromwell's offer has been marred by the company's refusal to publicly name its equity backers, and it also took a hit when Redefine Properties Ltd. came out to say that it is not funding the proposal, contrary to media reports. Other parties believed to be involved in the bid are Commonwealth Bank of Australia, Credit Agricole and National Australia Bank.

As of May 30, US$1 was equivalent to A$ 1.34.