News: CPA's book value rises

.

Commonwealth Property Office Fund (ASX:CPA) says its book value has jumped by $60 million following a draft independent valuation.

 

CPA’s manager Colonial First State Property says it’s received independent draft valuations for 16 of the fund's 25 office assets.

 

CPA fund manager Charles Moore says the revaluation would increase the fund's net tangible asset backing per unit from $1.16 as at September 30 to approximately $1.19 as at October 31.

 

The revaluation plans were previously announced at CPA's September quarterly update.

 

It comes after Dexus Property Group and Canada Pension Plan Investment Board launched an offer for CPA last month.

 

CPA delivered a net profit of $145.4 million in fiscal 2013.