Australia’s Investa Office Fund (IOF) (IOF.AX) and Blackstone Group (BX.N) on Wednesday entered into a scheme implementation agreement through which the U.S. private equity giant would acquire real estate investment trust for A$3.08 billion ($2.3 billion).

The directors of IOF manager Investa Listed Funds Management said they unanimously recommend the offer, which equates to a distribution adjusted price of A$5.15 per unit.

Blackstone had made an unsolicited and non-binding offer last month, two years after IOF shareholders rejected a A$2.5 billion bid from Australian firm DEXUS (DXS.AX).

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