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Australia: Dexus launches $2.5bn bid for Investa

 |  December 7, 2015

In a surprise twist to the long-running and protracted sale of the Investa Property Group, DEXUS Property Group has entered merger talks with the listed Investa Office Fund, valuing the listed office trust at $2.5 billion.

DEXUS Funds Management and Investa Listed Funds Management – the responsible entity of IOF – have agreed to a two-week exclusive due diligence period.

“We see this as a highly attractive opportunity for DEXUS to secure a portfolio of $3.5 billion in office assets,” DEXUS CEO Darren Steinberg said.

“From our investors’ perspective it is circa 1 per cent accretive to underlying earnings excluding trading profits … We are fairly confident from a procurement perspective there would be quite strong synergies over time.”

Full content: The Australian

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