Mark Wiseman, the chief executive officer of Canada Pension Plan Investment Board, walked into the high-end New York department store Bergdorf Goodman in the mid-1990s looking for a suit. He left empty-handed.
Commonwealth Bank of Australia ended an agreement with the Canada Pension Plan Investment Board and Dexus Property Group on their A$2.8 billion ($2.6 billion) bid for the bank’s office fund after the consortium failed to match GPT Group’s higher offer.
Dexus Property Group, Australia’s biggest listed office landlord, said it won’t accept GPT Group’s A$1.27-a-share offer to take over Commonwealth Bank of Australia’s office trust, in which it has a 15 percent interest.
GPT Group, Australia’s third-biggest diversified property trust by market value, made a A$3 billion ($2.81 billion) offer for Commonwealth Bank of Australia’s listed office trust, trumping a A$2.9 billion rival bid. Commonwealth Property Office Fund shares surged to the highest in almost five years.
California Public Employees’ Retirement System, the largest U.S public pension plan, has sold almost $6 billion in private-equity fund stakes since 2007. It is now moving to the other side of the trade.
Dexus Property Group, Australia’s biggest listed office landlord, and the Canada Pension Plan Investment Board reached an agreement with Commonwealth Bank of Australia to buy the bank’s listed office trust for A$2.83 billion ($2.66 billion).