Starwood Capital Group is reportedly making an unsolicited takeover of  Monmouth Real Estate Investment Corp., which could potentially derail Equity Commonwealth's proposed offer, according to Bloomberg.

Monmouth announced that it received an unsolicited acquisition proposal from "a large private investment firm primarily focused on global real estate" but didn't provide the name of the company. The investment firm is offering to buy 100% of the outstanding equity of Monmouth for approximately $18.70 per share.

The firm participated in the strategic alternatives review process undertaken by Monmouth earlier this year and made a proposal to acquire Monmouth as part of that process. The offer also included commitment letters for debt financing and an equity bridge from a global commercial bank, as well as a proposed form of a merger agreement. The investment firm has obtained all necessary internal approvals and has completed its due diligence. Monmouth's Board of Directors is evaluating the new unsolicited proposal.