Ashurst is advising on the A$2.99 billion proposed acquisition of the outstanding units in Commonwealth Property Office Fund (CPA) via way of an off-market takeover offer by GPT Group (GPT).
The consideration under the offer includes 0.141 GPT securities per CPA unit and A$0.75325 for every CPA unit (where the cash component will be reduced by the amount of any distribution paid on a CPA unit following the date of the announcement, 19 November 2013).
The offer is subject to conditions (including 50.1% acceptances, Foreign Investment Review Board approval and a scheme implementation agreement not being entered into with DEXUS Property Group and Canada Pension Plan Investment Board). However the offer is not subject to due diligence, financing or co-ownership approvals.
The Ashurst team advising on the offer included lead partner Garry Besson and partner Kylie Lane, senior associate Anton Harris and lawyers Andrew Kim, Matthew Moses and Sofia Dubinsky from Corporate. Partner Michael Ryland and senior associate Vince Battaglia provided funds advice, while Tax partner Barbara Phair advised on stamp duty aspects of the transaction.
