Dexus, Canada fund buy A$2.8b trust
They will take over Commonwealth Bank of Australia's listed office trust
[SYDNEY] Dexus Property Group, Australia's biggest listed office landlord, and the Canada Pension Plan Investment Board reached an agreement with Commonwealth Bank of Australia to buy the bank's listed office trust for A$2.83 billion (S$3.3 billion).
Dexus and the Canadian fund increased their cash-and-stock bid to A$1.2052 a share, from A$1.15-a-share last month, Dexus said. A binding agreement must be reached by mid-December, according to the statement.
The takeover would be the latest in a string of investments in Australian property by CPPIB and adds to the Toronto-based fund's C$5.8 billion (S$6.9 billion) of investments in the country. Dexus, which agreed to buy a 14.9 per cent interest in the fund in August after Commonwealth Bank said it planned to exit its property business, would own and manage a quarter of the commercial buildings in Sydney following a successful takeover.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Half of German housing construction firms short on orders
China’s housing mess finally hits Xi’s interest
A way to beat high mortgage rates is to take over someone else’s loan
With China’s property market struggling, India, South Korea and Vietnam are hot
Shophouse sales surge and at higher prices in Q1 as high-net-worth investors return: Knight Frank
Sony’s plans for Paramount include sale of famous studio lot