CPPIB, Dexus Up Bid To $2.8B For Aussie Office Trust

Law360, New York (December 11, 2013, 5:47 PM EST) -- The consortium comprised of Canada Pension Plan Investment Board and Dexus Property Group Ltd. on Wednesday matched GPT Group's AU$3 billion (US$2.8 billion) bid to acquire Commonwealth Bank of Australia's commercial property trust, less than three weeks after losing exclusivity in the bidding.

The consortium, which had enjoyed exclusivity in the bidding process and appeared to have a deal locked in until GPT tossed its hat into the ring in late November, upped their cash-and-stock bid for the Commonwealth Property Office Fund to AU$1.268 per share,...
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