Hotel Property Investments (ASX:HPI) continued to urge shareholders to reject Charter Hall Retail REIT (ASX:CQR) and Hostplus' final takeover bid of AU$3.85 per share, citing the reduction of the offer's cash consideration amid distribution payments.

"Security holders who accept the offer will only be eligible to receive AU$3.785, less the value of any further distributions or rights that the holders become entitled to, including future distribution entitlements," the real estate investment company's board said in a Thursday filing with the Australian bourse.

Hotel Property Investments will pay an interim distribution of AU$0.065 per security by Nov. 20, It also intends to declare a further distribution in December to reflect the earnings from Nov. 1 to Dec. 31.

Charter Hall Retail REIT's shares were down almost 1% in recent Friday trade, while Hotel Property Investments' shares were up nearly 1%.

Price (AUD): $3.36, Change: $-0.03, Percent Change: -0.88%