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The Sydney skyline. The Canada Pension Plan Investment Board has teamed up with Australia’s Dexus Property Group in an effort to buy an Australian company with a $3.7-billion portfolio of office buildings.

DANIEL MUNOZ/REUTERS

The Canada Pension Plan Investment Board has teamed up with Australia's Dexus Property Group in an effort to buy a company with a $3.7-billion portfolio of office buildings.

The duo is seeking to take over the Commonwealth Property Office Fund, a real estate investment trust that has been listed on the Australian exchange since 1999.

Its portfolio of about two dozen office buildings, which had a book value of $3.7-billion as of the end of June, would be managed by Dexus, a giant in the Australian office property market, and would be jointly owned by Dexus and CPPIB if the deal goes through.

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"The proposal is an excellent opportunity to expand our Australian core office portfolio and is in line with our strategy to invest in high-quality assets that are well positioned in their markets," CPPIB head of real estate investments Graeme Eadie stated in a press release.

CPPIB and Dexus began talks to work together after Dexus obtained the right to acquire an initial 14.9-per-cent stake in Commonwealth Property Office Fund.

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