Battle for Australian office trust heats up
Dexus, CPPIB's hike of joint offer may spark higher bids
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[SYDNEY] A bidding war for Australia's Commonwealth Property Office Fund escalated after Dexus Property Group and the Canada Pension Plan Investment Board hiked their joint offer - a move expected to prompt a higher bid from a rival suitor.
The latest cash and stock offer values CPA, as the fund is known, at A$3 billion (S$3.42 billion) and represents a 2.6 per cent premium over a bid from rival property investor GPT Group, Dexus said.
The value of both bids fluctuate according to the share price moves of Dexus and GPT.
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