By Stuart Condie
SYDNEY--U.S. real-estate investor Proprium Capital Partners agreed to acquire Australia's AVJennings about US$228 million, sending the homebuilder's shares to their highest level in more than a month.
AVJennings on Tuesday said that it had entered into a takeover agreement with privately held Proprium and its local subsidiary AVID Property Group. It terminated talks with rival suitor Ho Bee Land after the Singapore-based developer failed to submit a firm offer following due diligence.
Connecticut-based Proprium agreed to pay 65.5 Australian cents, or about 40.9 U.S. cents, in cash per share. It lowered its offer from its conditional proposal of 67.0 Australian cents after conducting due diligence over the past four months.
AVJennings shares jumped 8.3% to 65.5 Australian cents. They traded above that level for most of January and February when the company was still attracting interest from rival suitors.
Proprium operates across six global offices including in Hong Kong and Sydney, with a total US$3.4 billion in net-equity assets under management.
Its offer for AVJennings represented a near 99% premium to the stock price prior to the November announcement of its initial proposal.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
March 31, 2025 20:43 ET (00:43 GMT)
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