Fight on for landlord

CANADIAN group Oxford Properties has topped private equity group Blackstone with a $3.4-billion bid for listed landlord Investa Office Fund.

The offer, from the real estate arm of the $100-billion Ontario Municipal Employees Retirement System, is priced at $5.60 for each Investa unit.

It beats Blackstone’s $5.52 bid for the Investa fund, which owns a $4.4-billion portfolio of office towers. The Canadian suitor has lodged the proposal as it seeks to the push back a meeting – proposed for Monday – for Investa’s investors to vote on the Blackstone offer.