In a victory for pension fund capital over private equity, Oxford Properties Group has won a long-running $3.4 billion battle to take over Investa Office Fund after its rival, Blackstone, gave up its right to match or beat that offer.

With Blackstone declining to stump up another bid, the Investa board declared the Oxford proposal, a $5.60 cash offer that pipped the US private equity giant's most recent $5.52 bid, to be superior.