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Lend Lease Offers Up Alternative for a Self-Managed GPT

SYDNEY-Countering what it considers a bad self-management proposal put forth by GPT, Lend Lease, which currently manages the trust, offers up an alternative proposal for shareholders to vote on next month. It includes a provision for management services at cost--with no incentive or performance fees--until the internalization is effected.

By Brian K. Miller | Updated on May 11, 2005

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SYDNEY-Lend Lease on Wednesday offered up an alternative plan for General Property Trust’s proposed conversion to a self-managed entity, an issue that unit holders will vote on next month. The alternative proposal is an attempt by Lend Lease–which manages the trust–to one-up GPT’s plan.

Back in February, GPT proposed the internalization of its management as part of a plan to counter a takeover attempt by Stockland Group. Under the proposal, GPT would sell interests in three GPT retail centers to Westfield for A$842.4 million and use the proceeds for international property investments and developments. Much of that would be through a joint venture with Babcock & Brown Ltd., Australia’s second-biggest publicly traded investment bank.

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