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DEXUS Property Group Announces Proposal To Acquire Commonwealth Property Office Fund


Thursday, 10 Oct 2013 06:58pm EDT 

DEXUS Property Group announced that, with Canada Pension Plan Investment Board (“CPPIB”) (together the “Consortium”) it has made an indicative, non-binding proposal (the “Proposal”), to the responsible entity of Commonwealth Property Office Fund (“CPA”), Commonwealth Managed Investments Limited (“CMIL”), to acquire all of the issued units in CPA, other than those to which DEXUS is already entitled, by way of an informal trust scheme. The Proposal, if implemented, will result in the Consortium acquiring a $3.7 billion prime grade Australian office portfolio. Under the Proposal, the consideration comprises a mixture of DEXUS Stapled Securities and cash. This is designed to provide CPA Unitholders with both certainty of value and an opportunity to remain invested in a internally-managed Australian office platform with growth prospects. The proposed cash/scrip mix (expressed per CPA Unit) is: $0.680 in cash consideration, and 0.4516 DEXUS Stapled Securities. At a DEXUS trading price of $1.04, the Proposal provides CPA Unitholders a headline offer price of $1.150 per CPA unit. After DEXUS announced entry into a forward contract which gave it the right to acquire a 14.9% interest in CPA, CPPIB at the initiative of an intermediary, was introduced to DEXUS.