Nov. 9 (Bloomberg) -- Investa Office Trust has priced its new shares at A$3 ($2.76) each which may be too high for some fund managers, the Australian newspaper reported, without saying where it got the information.

The A$1 billion share sale is underwritten by Morgan Stanley and Macquarie Group Ltd. and will close tomorrow, the newspaper said. The shares have a net asset backing of A$2.79 apiece, the Australian said.

To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net

Last Updated: November 8, 2009 15:29 EST