Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
As expected, Oxford Properties' proposal to acquire Investa Office Fund via a trust scheme was passed at the unitholder meeting Dec. 4. The last day of trading in Investa Office Fund will be Dec. 6, and eligible unitholders will receive the consideration of AUD 5.60 per unit on Dec. 14.
As expected, Oxford Properties' proposal to acquire Investa Office Fund via a trust scheme was passed at the unitholder meeting Dec. 4. The last day of trading in Investa Office Fund will be Dec. 6, and eligible unitholders will receive the consideration of AUD 5.60 per unit on Dec. 14....
After a protracted takeover battle, an explanatory memorandum has been released on Oxford Properties Group's proposed acquisition of Investa Office Fund, by way of a trust scheme. The acquisition price is AUD 5.60 cash per unit, less any distributions paid by Investa Office Fund after Sept. 13, 2018. On the basis that Investa Office Fund is not expected to declare another distribution, we raise our fair value estimate to AUD 5.60, consistent with the offer price. We view the Oxford offer as ful...
After a protracted takeover battle, an explanatory memorandum has been released on Oxford Properties Group's proposed acquisition of Investa Office Fund, by way of a trust scheme. The acquisition price is AUD 5.60 cash per unit, less any distributions paid by Investa Office Fund after Sept. 13, 2018. On the basis that Investa Office Fund is not expected to declare another distribution, we raise our fair value estimate to AUD 5.60, consistent with the offer price. We view the Oxford offer as ful...
After a protracted takeover battle, an explanatory memorandum has been released on Oxford Properties Group's proposed acquisition of Investa Office Fund, by way of a trust scheme. The acquisition price is AUD 5.60 cash per unit, less any distributions paid by Investa Office Fund after Sept. 13, 2018. On the basis that Investa Office Fund is not expected to declare another distribution, we raise our fair value estimate to AUD 5.60, consistent with the offer price. We view the Oxford offer as full...
The anticipated takeover of Investa Office Fund, or IOF, by Blackstone looks an unlikely proposition as late bidder Oxford Properties Group appears to have the upper hand. Oxford's all cash nonbinding and conditional cash offer of AUD 5.60 per Investa unit made on Sept. 13, 2018 (less any distributions subsequently declared) has trumped Blackstone Group's previously improved non conditional proposal of AUD 5.52 cash per Investa Unit made on Sept. 10, 2018. Oxford is well-placed as it holds a siz...
The anticipated takeover of Investa Office Fund, or IOF, by Blackstone looks an unlikely proposition as late bidder Oxford Properties Group appears to have the upper hand. Oxford's all cash nonbinding and conditional cash offer of AUD 5.60 per Investa unit made on Sept. 13, 2018 (less any distributions subsequently declared) has trumped Blackstone Group's previously improved non conditional proposal of AUD 5.52 cash per Investa Unit made on Sept. 10, 2018. Oxford is well-placed as it holds a siz...
The anticipated takeover of Investa Office Fund, or IOF, by Blackstone looks an unlikely proposition as late bidder Oxford Properties Group appears to have the upper hand. Oxford's all cash nonbinding and conditional cash offer of AUD 5.60 per Investa unit made on Sept. 13, 2018 (less any distributions subsequently declared) has trumped Blackstone Group's previously improved non conditional proposal of AUD 5.52 cash per Investa Unit made on Sept. 10, 2018. Oxford is well-placed as it holds a siz...
Solid Earnings Momentum Hits a Brick Wall. Downgrades following Reporting Front Running Reporting Downgrades for stocks not reporting Cost management Rather than Revenue Growth Driving Earnings Capex for Offence and Defence Holding Steady with our View.
Macquarie Real Estate's last minute purchase of a 50% interest in the Investa management platform (the platform transaction) makes it far less likely the Blackstone Group will gain the 75% of votes to effect its proposed takeover of Investa Office Fund. We continue to recommend IOF security holders vote in favour of the proposal, noting the latest events increases the likelihood of any takeover becoming a drawn-out affair given the relevant legislation is complex and the outcome could ultimately...
Macquarie Real Estate's last minute purchase of a 50% interest in the Investa management platform (the platform transaction) makes it far less likely the Blackstone Group will gain the 75% of votes to effect its proposed takeover of Investa Office Fund. We continue to recommend IOF security holders vote in favour of the proposal, noting the latest events increases the likelihood of any takeover becoming a drawn-out affair given the relevant legislation is complex and the outcome could ultimately...
U.S. multinational private equity asset manager, Blackstone Group, is proposing to acquire all the units in Investa Office Fund by way of a trust scheme, with Investa Office Fund unitholders scheduled to  vote on the proposal on  Aug. 21, 2018. We believe the offer price of AUD 5.15 per unit represents a good outcome for investors and recommend unitholders in Investa Office Fund vote in favour of the proposal. The proposal has been unanimously recommended by the directors of Investa Listed Fu...
U.S. multinational private equity asset manager, Blackstone Group, is proposing to acquire all the units in Investa Office Fund by way of a trust scheme, with Investa Office Fund unitholders scheduled to  vote on the proposal on  Aug. 21, 2018. We believe the offer price of AUD 5.15 per unit represents a good outcome for investors and recommend unitholders in Investa Office Fund vote in favour of the proposal. The proposal has been unanimously recommended by the directors of Investa Listed Fun...
Narrow-moat-rated Investa Office Fund reported fiscal 2018 funds from operations, or FFO, of AUD 30.6 cents per security, or cps, up 3% on the prior year. The result was in line with expectations, but guidance is soft. The emptying of two Sydney offices for major redevelopment works plus the sale of a Perth office are the main reason for guided fiscal 2019 FFO to decline 4.4% to AUD 29.2 cps. Forecast revisions have no impact on our fair value estimate, which is temporarily anchored to AUD 5.15 ...
Investa Office Fund owns a portfolio of office properties, the majority of which are graded A, in central business districts across Australia. Financial leverage is conservative, and medium-term income is secure, underpinned by relatively long leases with mostly fixed annual rent increases. A slower rate of white collar employment growth and the addition of new supply in key markets are medium-term headwinds to rental-income growth.
Narrow-moat-rated Investa Office Fund reported fiscal 2018 funds from operations, or FFO, of AUD 30.6 cents per security, or cps, up 3% on the prior year. The result was in line with expectations, but guidance is soft. The emptying of two Sydney offices for major redevelopment works plus the sale of a Perth office are the main reason for guided fiscal 2019 FFO to decline 4.4% to AUD 29.2 cps. Forecast revisions have no impact on our fair value estimate, which is temporarily anchored to AUD 5.15 ...
Investa Office Fund has received a nonbinding takeover offer from Blackstone Singapore by way of a trust scheme. The offer price is AUD 5.25 per unit, less any distributions paid before the takeover completes. We raise our fair value estimate to AUD 5.15 per unit from AUD 4.40 per unit, aligning with the all-cash takeover offer net of a forecast AUD 0.10 final fiscal 2018 distribution. The transaction looks very likely to proceed as proposed. The offer price represents an attractive 16% premium ...
The independent financial analyst theScreener just lowered the general evaluation of INVESTA OFFICE FUND (AU), active in the Real Estate Investment Trusts industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date June 29, 2018, the closing pr...
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