Commonwealth Property Office Fund has rejected a joint bid from the Canada Pension Plan Investment Board and Australia’s Dexus Property Group.
Commonwealth Managed Investments, which manages the fund, says the proposed A$2.7 billion (C$2.67 billion) does not provide a compelling value proposition.
Therefore, the company will not will not grant access to due diligence material to both parties.
“Should the consortium decide to submit a revised proposal with improved terms, it will be considered on its merits,” says Richard Haddock, chairman of Commonwealth Managed Investments.
Commonwealth Property Office Fund is a real estate investment trust that invests in prime quality office buildings located in central business district and major suburban markets in Australia.
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