Dexus Property Group and the Canada Pension Plan Investment Board have emerged as the most likely winners of the bidding contest for the $3.8 billion Commonwealth Property Office Fund (CPA).

Their chief rival for CPA, GPT Group, announced that it had opted to withdraw from the running by ruling out an increase in its bid proposal or an extension of the offer once it expired on January 24. GPT chief executive Michael Cameron said in an official statement that the…