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Australia GPT seeks to raise up to A$1.67 bln

Published 05/06/2009, 07:54 PM
Updated 05/06/2009, 08:00 PM

SYDNEY, May 7 (Reuters) - Australia's General Property Group is looking to raise up to A$1.67 billion ($1.24 billion), its second share sale in six months, to help pay down debt and get out of its joint venture with Babcock & Brown , the group said on Thursday.

"This capital raising immediately addresses the key balance sheet issues currently facing GPT, namely gearing convenant headroom and liquidity," GPT chief executive Michael Cameron said in a statement.

Australia's fifth-largest property trust launched a 1-for-1 offer to shareholders at 35 cents a share, a 26 percent discount to its last trade, and a A$120 million placement to institutions.

GPT called a halt to trade in its shares while it carried out the sale, with A$1.2 billion of the raising underwritten by UBS.

GPT's two largest shareholders are property developer Stockland Group , with a 12.7 percent stake, and GIC Real Estate, part of the Government of Singapore Investment Corporation. ($1=1.346 Australian Dollar) (Reporting by Sonali Paul)

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