Starwood Capital Group Management, L.L.C. made a tender offer to acquire remaining 94.93% stake in Invesco Office J-REIT, Inc. (TSE:3298) for approximately ¥170 billion on April 6, 2021. On May 10, 2021, Starwood amended the tender offer purchase price and the minimum number of share certificates to be acquire. Starwood will acquire remaining shares at a price of ¥20,000 per share. As per the amendment, Starwood will pay ¥21,750 per share for 93.03% share of Invesco Office J-REIT, Inc. Starwood will acquire 8.28 million shares of Invesco Office J-REIT, Inc. The Board of Invesco Office J-REIT established the special committee, comprised of only three supervisory Directors, for the purpose of preventing arbitrary decisions and ensuring the fairness and transparency of its decisions. Tender offer will run from April 7, 2021 to May 24, 2021. As of April 7, 2021, the tender offer period extended up to 60 business days until July 5, 2021. The Board of Directors of Invesco Office J-REIT has resolved, by unanimous consent of the Executive Director and all Supervisory Directors, to reserve its opinion on this offer. Nomura Securities Co., Ltd. and SMBC Nikko Securities Inc. acted as financial advisors; Nishimura & Asahi and Nagashima Ohno & Tsunematsu acted as legal advisors to Invesco Office J-REIT, Inc. Ushijima & Partners acted as legal advisor to the special committee formed by Invesco Office J-REIT, Inc. Invesco Office J-REIT submitted today a written request to the Commissioner of the Financial Services Agency, the Securities and Exchange Surveillance Commission and the Director of the Kanto Local Finance Bureau, to request that they file a petition with a court to issue an order pursuant to Article 192, Paragraph 1 of the Financial Instruments and Exchange Act and Article 219, Paragraph 1 of the Act on Investment Trusts and Investment Corporations to prohibit or suspend tender offer. As of May 6, 2021, Board has resolved, by unanimous consent of the Executive Director and all Supervisory Directors, to oppose the Tender Offer and requested to purchase additional shares by Invesco Group. On May 6, 2021, Board of Director of Invesco Office J-REIT rejected the offer. As per the amendment, Starwood must acquire a minimum number of 4.34 million shares of Invesco Office J-REIT, Inc. As of May 20, 2021, the transaction terms were amended and offer per share was revised to ¥ 22,500. The offer period is 30 business days from the date of launch. The offer will be funded from equity funding led by a private consortium led by private funds and separate account vehicles managed by Invesco Real Estate. The transaction is subject to approval from the special committee of Board of Directors of Invesco Office J-REIT, Inc., approval from Kanto Local Finance Bureau, relevant regulatory authorities (including the Financial Service Agency) and execution of definitive documentation with the co-investors and banks for financing the offer. The extraordinary unitholders’ meeting will be held on June 30, 2021. The tender offer planned to be commenced around early to mid- June, 2021, with the tender offer period of 30 business days. Tender offer will commence on April 7, 2021 and expires on May 24, 2021. As of May 25, 2021, Tender offer expires on June 15, 2021. As on June 11, 2021, the tender offer price was revised to ¥ 22,750. The tender offer will be launched on June 18, 2021. Tender offer period will be 26 Japanese business days from the revised proposal date. The offer has received financing from equity funding led by a private consortium led by private funds and separate account vehicles managed by Invesco Real Estate or co-investors. Debt Financing has also been received form Japanese megabank consortium. The transaction is subject to approval from the special committee of Board of Directors of Invesco Office J-REIT, Inc, no material adverse effect, definitive documentation with banks in respect of debt financing is completed. Starwood Capital Group Management, L.L.C. cancelled the acquisition of remaining 94.93% stake in Invesco Office J-REIT, Inc. (TSE:3298) on June 15, 2021. The deal got cancelled as the total number of tendered investment units falls short of the minimum number of share to be purchased.