Property manager Cromwell Property Group has acquired a 9.8 per cent stake in Investa Office Fund, casting doubts on the the expected $2.5 billion takeover of Investa by Dexus Property Group.
The deal between Investa and Dexus, agreed in December, would have created the largest Australian office trust, with combined assets worth $24.1 billion.
The two companies are focused on office properties in business districts in Sydney and Melbourne, and had aimed at closing the deal in April after a unitholders vote on the proposal.
That now appears unlikely, with analysts expecting Cromwell to vote against the takeover and seek to take over Investa itself.
Cromwell has not indicated its intention but, in a statement, said the acquisition is in line with its strategy to capitalise when the right opportunities present.
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