APN Property will vote against Blackstone's $3.1 billion buy-out offer for Investa Office Fund, a bid, it said, which does not fully recognise the value of the takeover target's portfolio.
The well-established Melbourne investment manager told its own investors that there was "hidden value" in IOF's portfolio, which Blackstone itself understood.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
