Irongate, which manages a portfolio of 36 properties valued at A$1.42bn across Australia and New Zealand, said on Wednesday that its suitor has sweetened the offer for its shares.
Fund manager 360 Capital has increased the offer price to A$1.72 per share, slightly up from A$1.70, which Irongate has previously rejected. The original offer price was A$1.65.
The latest proposal values the Irongate, which was previously known Investec Australia Property Fund, at A$1.10bn.
Irongate said its board was considering the revised offer, which is 7.2% higher than the original offer made in mid-October.
“Security holders do not need to take any action in relation to the revised indicative proposal and are advised to exercise caution when dealing in their securities,” Irongate said in a statement.
The shares rose 4.17% to R18.49 in early trade on the JSE, giving Irongate a market value of R11.9bn. The company is also listed on the Australian Stock Exchange.
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