Macquarie’s real estate arm is under pressure to increase its $185 million takeover offer for Vitalharvest Freehold Trust, the owner of citrus and berry farms leased to Costa Group, after units in the trust surged 5.5 per cent on Friday to a record $1.06 following an 11th-hour offer from Sydney private equity firm Roc Partners.

Investors Mutual Limited, which owns 4 per cent of Vitalharvest, on Sunday said the offer by Macquarie Infrastructure and Real Assets (MIRA) “materially undervalued” the seven assets in the trust and a planned shareholder vote this week on the offer should be deferred to allow assessment of the rival bid.