![CPPIB completes Australian acquisition](https://www.benefitscanada.com/wp-content/uploads/sites/7/2013/03/BC-Feature_australia-e1535721866913.jpg)
The Canada Pension Plan Investment Board (CPPIB) and Dexus Property Group have completed the compulsory acquisition of 100% of the units in the Commonwealth Property Office Fund.
The acquisition was made through a joint bid trust known as Dexus Office Trust Australia (DOTA). The CPPIB holds a 50% interest in DOTA for an equity investment of approximately A$1.85 billion ($1.9 billion).
As part of the transaction, DOTA has agreed to sell four assets to a third party for a total consideration of A$679 million ($697 million), which will reduce the CPPIB’s equity investment to approximately A$1.5 billion ($1.54 billion).
After the sale of four assets to the third party, DOTA will own a diverse portfolio of 21 high-quality office properties, located in major office markets across Australia, with total assets of A$3.3 billion ($3.4 billion).
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