Publicly listed property company, the GPT Group, has announced its intention to make an off-market bid for the Commonwealth Property Office Fund — something it believes will trump a Dexus/CPPIB proposal.
The bid was announced to the Australian Securities Exchange (ASX) today, with the company saying the acquisition would position GPT as the leading owner and manager of office assets in Australia while significantly expanding its funds management platform.
The ASX announcement said the GPT Wholesale Fund was committed to acquiring five CPA assets valued at $1.1 billion when GPT was in a position to undertake compulsory acquisition.
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