Commonwealth Bank of Australia to accept Dexus-led bid for office fund CPA - Reuters

Commonwealth Bank of Australia (CBA) on Wednesday said it will accept an offer from Dexus Property Group and the Canada Pension Plan Investment Board (CPPIB) to buy Commonwealth Property Office Fund (CPA) for US$2.7 billion, reports Reuters. The fund, which owns 26 office buildings in major business districts, is the target of a bidding war between the Dexus-led consortium and rival property investor The GPT Group, as they seek more Australian office real estate because it promises high yields.

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