Dexus Property Group has managed to lift its half year profit while moving to acquire Commonwealth Property Office Fund (CPA).
Dexus, the owner of $7.4 billion in office and industrial properties, made a net profit of $277.2 million in the six months to December 31, up 3.8 per cent on the same period a year earlier.
Over the six months, Dexus increased its funds from operations by 4.2 per cent to $189.8 million.
The company also confirmed it holds a 14.9 per cent stake in CPA.
Dexus and the Canada Pension Plan Investment Board now hold a joint interest in CPA of more than 54.26 per cent, and expect to proceed to a compulsory acquisition of all units in CPA by the end of March.
Chief executive Darren Steinberg said the company was set to achieve its full year earnings guidance, which it recently upgraded to 8.29 cents per stapled security, from 8.15 cents per security.
That is up seven per cent on its 2013 result.
“While it was a busy period undertaking the CPA transaction, we maintained our focus on driving returns from our existing portfolio, delivering a solid operational result which sees us on track to achieve our upgraded FY14 guidance,” Mr Steinberg said.
Dexus securities gained two cents to $1.045.
