GPT's bold bid corners the office space

Should GPT's takeover bid for CPA be successful, it would add diversity to the group's portfolio at a time when capitalisation rates for office properties are above the historical average.

A couple of weeks ago, Michael Cameron spelled out GPT’s new strategy. It would be opportunistic in deploying its $3 billion of balance sheet capacity, driven by asset selection rather than portfolio theory, and set very ambitious targets for expanding its funds under management.

Today Cameron announced a $3 billion takeover offer for Commonwealth Property Office Fund (CPA) that fits neatly within that strategy.


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