2235 GMT - Ingenia Communities's decision to reject a takeover proposal by Warburg Pincus prompts Citi to assess what its shares could be worth for a deal to happen. Warburg Pincus has offered A$4.75/share in cash, conditional on Ingenia ending plans to acquire Australia-listed Peet. Citi analyst Suraj Nebhani estimates a potential takeover price range of A$6.52-A$6.78/share. The key driver of this is the valuation applied to Ingenia's land lease development pipeline of 8,800 homes at end-June, Citi says. "While we view the takeover offer as a positive surprise, we have previously flagged strong value upside potential in Ingenia's land lease business, especially with strong fundamentals and increasing global capital looking to gain exposure to this asset class given the positive return profile," Citi says.