An offshore consortium has made a $230 million "indicative, non-binding" cash bid for the takeover target, Australian Industrial REIT.
The consortium has not been identified. According to the manager of the fund it is a consortium of offshore listed investors with an aggregate market capitalisation in excess of $3 billion. 
One source nominated three Singapore based real estate groups, KSH Holdings, Heeton and Lyan Beng. Another source suggested South African backing for the bid.
The proposal is a cash offer of $2.40 a unit. On a tough day for the ASX, the Australian Industrial REIT climbed 7 cents to close at $2.33.
The independent board committee, headed by former Boral chief executive Rod Pearse, said the bid was superior to the current offer from the 360 Capital Industrial Trust and had sufficient merit to warrant further engagement, including giving the bidders access to due diligence.
Last   December, the 360 Capital Industrial Trust made a largely scrip bid for fund. On Monday, the 360 Capital bid, including an extra 10 cents for management control, would have been worth around $2.32.
At times the 360 Capital bid bid was worth around $2.40 but was consistently rejected, and without offer of due diligence, by the independent directors.
After nine months of hostility, the trust controls over 33 per cent of the stock.
The chief executive of 360 Capital, Tony Pitt, said his group would act in the best interests of unitholders in the 360 Capital Industrial Trust. "We will wait till something serious is on the table and then assess it," he said.
The manager of the Australian Industrial REIT, Fife Capital, headed by Allan Fife, warned investors that the new proposal, which would need at least 50.1 per cent of stock, was incomplete and subject to a number of conditions, and there was "no guarantee" that the bid would ultimately be put to unit holders.
Further details are expected within weeks. The release made no mention of the future of the asset or funds management, currently undertaken by Fife Capital.
Mr Fife said the proposal was independent of the management.
Investors were advised to take no action at this time.
BT's property securities operation holds 8.4 per cent of the stock. The group's head of listed property, Peter Davidson said: "we welcome a potential cash, as opposed to scrip offer."
The Australian Industrial REIT is being advised by UBS, Fort Street Advises and King Wood & Mallesons.
The Singapore group KSH Holdings is at heart a construction business but has expanded into development, including, most recently in the UK and Brisbane where the group has a stake in twin tower residential and hotel development in Brisbane's Fortitude Valley.
KSH executive chairman and managing director Choo Che Onn told his shareholders earlier this year that the group had made its maiden entries into the Australia and United Kingdom real estate markets "by working with local partners that possess strong local knowledge and experience as well as access to a large local network".