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GPT To Sell Part of Nearly $4B Portfolio

SYDNEY-GPT Group follows other Australian investors with its intention to sell some of its European and US properties held jointly with Babcock & Brown.

By Anita Howarth | Updated on August 30, 2006

SYDNEY-GPT Group plans to sell some of its European and US properties held jointly with Babcock & Brown. A company statement says it had earmarked assets within the joint venture portfolio to be sold down “in the short term”.

“There are parts of the portfolio that we have acquired with the express intention of selling down over the next 12 months,” the statement explains. General manager for the joint venture, Neil Tobin, says it had A$5 billion ($3.8 billion) in assets with a further A$800 million ($6.11 billion) in assets under management. “We are in a position to deliver strong growth in earnings from the joint venture next year with 2007 being the first full year of investment. The portfolio is diversified across six sectors, 80% of which are European assets and the remainder in the US.”

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