Charter Hall, the ASX-listed diversified real estate investments giant, has partnered with hospitality industry superannuation fund Hostplus to lob a $710 million takeover bid for pubs landlord Hotel Property Investments.

But HPI, which listed in 2013 and owns 58 pubs, mainly in Queensland and South Australia, has rejected the $3.65-a-share bid, with the company’s board telling investors that the deal represents a tiny premium on its share price and is actually lower than the value of its total assets.