Dexus to buy Investa Office in US$1.8bil deal

SYDNEY: Dexus Property Group offered to buy Investa Office Fund in a deal valued at about A$2.5bil (US$1.8bil), cementing its position as the nation’s biggest listed office landlord. Investa shares surged the most in more than four years.

Dexus offered 0.424 of its securities and about 82 Australian cents in cash for each share in the Australian real estate investment trust, implying an offer of A$4.11 per share, the office fund said in a statement. That’s 5.7% more than IOF’s last closing price.