Dexus gains majority CPA holding

Voting power in Commonwealth Property Office Fund passes 50.1%.

Dexus Property Group (DXS) and the Canada Pension Plan Investment Board (CPPIB) have gained a majority holding in the Commonwealth Property Office Fund (CPA).

In a statement to the Australian Securities Exchange, the suitors said their voting power in CPA had reached 50.15%, up from 48.27% previously.

Dexis and CPPIB have declared their $3 billion takeover bid unconditional.

The bid is valued at $1.27 per CPA unit, including a cash payment of 77.45 cents and 0.4516 Dexus stapled securities.

Commonwealth Bank of Australia has said it would agree to the offer if its acceptance would take the suitors' interest to at least 50.1%.