CPA takeover offer turned down

COMMONWEALTH Property Office Fund (CPA) has turned down a $2.3 billion takeover offer from office and industrial properties group Dexus.

Dexus and the Canada Pension Plan Investment Board last week put an indicative, non-binding proposal to CPA that if successful would see them acquire $3.7 billion worth of Australian office space.

The board of Commonwealth Managed Investments, the responsible entity of CPA, has determined the offer does not provide a compelling value proposition.

The offer will not be progressed, but a revised offer will be considered on its merits, Commonwealth Managed Investments said.

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