Blackstone concedes defeat to Oxford in battle for Investa: Reuters

U.S. private equity giant Blackstone Group has quit a takeover battle for Australian office-block owner Investa Office Fund after it was gazumped by Canadian landlord Oxford Properties Group’s A$3.35 billion (US$2.4 billion) bid, Reuters reported. Blackstone told Investa it would not match the offer, all but handing the sought-after target to Oxford as office rents boom, especially in Sydney where Investa’s 20 towers are concentrated. Oxford’s offer will be voted on by shareholders at a meeting to be scheduled in December. Oxford invests in and manages real estate assets on behalf of the Ontario Municipal Employees Retirement System (OMERS).

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