Hotel Property Investments (ASX: HPI) reiterated its recommendation for security holders to reject Charter Hall Retail REIT's (ASX:CQR) offer of AU$3.785 per security, according to a Monday filing with the Australian bourse.
HPI's directors noted that the offer undervalues the company's portfolio of 58 pubs, which are set to generate AU$39 million in cash distributions for security holders this year, the filing said.
The company is expecting a 3.7% increase in its full-year distribution to AU$0.197 per security.
Charter Hall Retail REIT's shares rose past 1% in recent Monday trade.
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