Attention focused on GPT in May, when Lend Lease sought to buy 10% of GPT's shares but secured only 1%. Last month, Lend Lease officials said the firm had secured the support of GPT directors after agreeing to offer one share in the combined company for every 3.8 units in GPT and 65 cents in cash, which worked out at A$3.58 per GPT unit. The deal valued GPT at A$7.3 billion ($5.5 billion). Investors are due to vote on Lend Lease bid on Nov. 17. (For previous article, click here.)

A merger between Lend Lease and GPT, the country's second-largest listed property trust, will create an entity with A$15.6 billion ($11.7 billion) in assets. A Stockland-GPT merger, meanwhile, will combine A$15 billion ($11.4 billion) of assets. Both will be much smaller than Westfield, which, following the recent takeover of its two listed property trusts, has assets of more than A$30 billion ($22.7 billion).

Stockland officials said in a statement today that: "The offer enables GPT unit holders to remain investors in a large, diversified and domestically focused real estate group that is not exposed to the risks inherent in the Lend Lease businesses."

GPT has one of Australia's strongest investment portfolios, owning landmark properties such as the Ayers Rock Resort and National Australia Bank's new headquarters in Melbourne.