** Shares of Avjennings AVJ.AX rise 8.3% to A$0.655, their highest levels since February 28** The residential property development firm says it has entered a scheme implementation deal with an investment vehicle of Proprium Capital Partners (Australia) and AVID Property Group for the parties to acquire all shares of co at A$0.655 cash per share** Offer price at an 8.3% premium to stock's last close

** Earlier in the day, shares rose as much as 14.1% to A$0.690, their highest level since February 24

** Co terminates all discussions with Ho Bee Land with regard to its proposal to acquire AVJ for A$0.70 in cash per share** About 7.5 mln shares change hands, vs the 30-day average of 904,867

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.Kumar@thomsonreuters.com;))