This article is from the Australian Property Journal archive
GPT's platform into the pan European market is ready to launch following the completion of the Halverton transaction.
The new business in Europe will be rebranded GPT Halverton and will have asset under management of $2.2 billion.
Together with the GPT’s interest in Hamburg Trust, which was acquired at the beginning of July, GPT Halverton provides the group with the ability to deliver on GPT’s strategy to expand its fund and asset management activities in Europe, building on the group’s established Australian model.
GPT’s chief executive Nic Lyons said the acquisition provides GPT with exposure to the European real estate market and realises the group’s ambition to create an operating platform in Europe, initially focussed on the retail, office and industrial sectors, as part of a successful international platform.
“This acquisition is consistent with our strategy for international expansion, our funds management business and our continued development of additional capital partners.
“In addition, the investment will allow us to capitalise on the increasingly global focus of real estate investors and the potential we have to facilitate capital flows across markets and to redeploy capital from our Joint Venture with Babcock & Brown as it starts to be returned from the beginning of 2009,” Lyons said.
Since announcing the acquisition in June this year, GPT Halverton has grown its platform with the launch of BIP, created specifically for clients of CBRE Investors to invest primarily in multi-let industrial property in the Netherlands and Germany.
GPT Halverton has also grown EB8, an established fund targeting up to €1 billion Euro in Pan European distribution warehouses, with the acquisition of two additional assets in the Netherlands.
“We are excited about the potential to continue to build this business, supplementing the strong capability of the existing team with our own skills and funds management expertise.
“We are now in a stronger position to deliver growing returns for GPT investors and to drive GPT’s strategic position in Europe for the long term benefit of investors,” Lyons concluded.
Australian Property Journal
