Dexus declares CPA offer unconditional

Dexus Property Group and the Canada Pension Plan Investment Board last night declared that their $3 billion takeover bid for the Commonwealth Property Office Fund was unconditional and urged unit holders in the target trust to accept.

Dexus wants to get to 90 per cent of its target and take it private, so it can carve up its $4 billion of office towers around Australia. It also extended its offer by a week until February 14. That should give the group time to consider strategies for its enlarged portfolio.

There is talk that Dexus will use its wholesale property fund to make a major push into the retail space, where it controls about $3 billion of assets.