Warburg Pincus has raised its all-cash offer for Australia's Ingenia Communities to US$1.50 billion, topping its prior bid by over 10%. The New York-based private-equity group increased its proposal to A$5.25 per share, a nearly 4% rise above Ingenia's previous rejection. The offer remains conditional on Ingenia halting its planned acquisition of home builder Peet.

About half an hour into Monday's trading, Ingenia shares rose 6.8% to A$4.805. The board is still assessing the revised terms, which require full due diligence access by Oct. 2. Warburg Pincus, managing over US$10.0 billion in Asia-Pacific real estate, already holds exposure through a joint venture with SK D&D.

The firm reiterated that the deal depends on Ingenia abandoning the Peet acquisition to secure full access to the retirement village operator's books.