Fresh CPA valuations are no sweat for bidder Dexus

THE Commonwealth Property Office Fund's latest property valuations are likely to weigh against the company when it comes to lobbying the Dexus consortium to sweeten its $3 billion takeover bid for the office landlord.

Yesterday, the Commonwealth Property Office Fund, which has the ticker code CPA, said in its quarterly update that it had revalued its $3.7bn portfolio, and that it was worth 1.8 per cent more, increasing the company's net tangible asset backing per security by 1c to $1.16.

Observers said the valuations provided little uplift, which meant Dexus was unlikely to sweeten the bid by much -- perhaps a few cents to about $1.20 per security.

CPA's shares are trading at $1.19.


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