Battle for Australia office developer CPA nears end as rivals agree $1.1 bln asset sale - Reuters
in two rival bidders for Australian office property developer Commonwealth Property Office Fund (CPA) rose in Sydney on Tuesday after the pair agreed a billion-dollar asset sale, paving the way for the end of a takeover battle, reports Reuters. Under terms of the accord announced in filings late on Monday, CPA's preferred bidder, a consortium led by Dexus Property Group, will sell five office buildings in Sydney and Melbourne with a combined value of about A$1.2 billion (US$1.08 billion) to its rival property firm, The GPT Group. The agreement, subject to the Dexus consortium acquiring over 90 percent of CPA, is essentially a consolation prize for GPT as Dexus and its partner finalise a A$3 billion deal recommended by CPA to its investors in mid-December. Dexus is backed by the Canada Pension Plan Investment Board.
