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Dexus Property Group (ASX:DXS) and Canada Pension Plan Investment Board’s sweetened bid for the Commonwealth Property Office Fund (ASX:CPA) has been recommended by the board of Commonwealth Managed Investments.

 

CMIL says the revised offer is valued at approximately $1.21 per CPA unit.

 

The fresh offer values the company at $2.42 billion.

 

CMIL's recommendation is subject to approval from an independent expert.

 

Dexus and CPA were placed in trading halt on Friday ahead of an announcement about the increased offer, after CMIL last month refused a bid valued at $1.15 per unit.

 

Dexus generated a net profit of $514.5 million in fiscal 2013.