GPT Duels Dexus With $3B Bid For Aussie Office Trust

Law360, New York (November 19, 2013, 2:45 PM EST) -- Australia's GPT Group delivered a surprise AU$3 billion (US$2.8 billion) bid Tuesday to acquire the Commonwealth Bank of Australia's commercial property trust in an attempt to position itself as the country's leading office player.

The offer trumped last month's bid from rival Dexus Property Group and launches a potential marketplace battle.

After Dexus partnered with the Canada Pension Plan Investment Board in mid-October to make an AU$2.7 billion offer for the trust, which is known as the Commonwealth Property Office Fund, or CPA, the two parties...
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