Dexus, Commonwealth Property in share halt

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Friday, November 8th, 2013
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Shares in industrial and office properties group Dexus are in a trading halt until Monday as it moves to buy Commonwealth Property Office Fund (CPA) with a Canadian pension fund.

CPA shares will be in a trading halt until Tuesday.

Last month, Dexus and the Canada Pension Plan Investment Board announced they were interested in buying Commonwealth for $2.3 billion.

Under that indicative, non-binding proposal, the two groups would acquire $3.7 billion worth of Commonwealth’s Australian prime office space.

Commonwealth Property shareholders were offered cash and Dexus stapled securities at $1.15 a share.

CPA shares closed at $1.19 on Thursday.

Dexus holds a 14.9 per cent stake in CPA but is seeking to buy all of the group to make it an unlisted company, under the proposed consortium with the Canadian pension fund.

Dexus shares closed at $1.06 on Thursday.

CPA, a real estate investment trust, listed on the Australian Securities Exchange in April 1999 and is managed by Colonial First State Global Asset Management.

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