Canada Pension Plan Investment Board (CPPIB) has completed its purchase of the Commonwealth Property Office Fund in a joint venture with Dexus Property Group.
The partnership first announced its intentions to buy the fund through a unit purchase late last year. The acquisition was made through the Dexus Office Trust Australia vehicle, in which CPPIB held a 50% interest for an equity investment of around A$1.85bn (€1.25bn).
As part of the latest transaction, DOTA sold four assets for A$679m to a third party. The sale cuts CPPIB’s equity investment to around A$1.5bn and leaves the DOTA joint venture with 21 office properties in its portfolio.
The Commonwealth Bank of Australia accepted the joint venture’s $2.7bn offer in December last year. The GPT Group had also made a bid.