Ann: 360 Capital led proposal to acquire IAP via Trust Scheme, page-4

It will be interesting to see what happens from here... IAP rejected the takeover offer outright (it was a very tiny premium after all).
Though yesterday's result revealed a significant uplift in NTA (to $1.55 per share), as well as some further detail on their 3rd party funds management (TAP). Which have somewhat proven the initial TOT/TGP investment (back when IAP was $1.30 - $1.40).

I hope you are right about TP's ability not to overpay. I don't want to see the group lob a $1.70+ bid for the Irongate, just because they are so cashed up at present. One scenario here is that another property group enters a bidding war (Centuria or Cromwell etc). Which could provide 360 with a liquidity event. They have proven that they are comfortable with short term trading profits (PPC, EP1 etc).

With yields as tight as they are (sub 5% for industrial in AUS, and sub 6% for office). It would be a risky time to be buying assets.
The 2018 - 2020 focus (Commercial Debt). Looks a better yield option for 360.