A Singaporean-listed real estate company has issued a $2.59 billion offer for Australand Property Group, beating out the most recent takeover bid made by Stockland.

Singapore-listed real estate firm Frasers Centrepoint Limited is behind the new bid. According to a regulatory filing made by Sydney-headquartered Australand, the offer from Frasers puts the value of shares in Australand at $4.48 apiece, beating out Stockland’s $4.43 all-share offer. As a result of the offer, Australand shares logged their…