Australand / Capitaland

Australand / Capitaland: GPT Group, Australia’s second biggest diversified real estate trust, has offered to buy Australand’s industrial and commmercial assets. The proposal involves Australand, controlled by Capitaland, keeping its residential business and remaining a listed entity. Australand says, the proposal is incomplete, highly conditional and is subject to a number of factors including undertaking due diligence; advises sh/h to take no action. GPT, which has been boosting industrial assets as it cuts back on retail property, wants to enter talks with Australand’s board, it said in a separate statement. GPT announced its strategy to increase exposure to office, logistics and business parks in June and a deal with Australand is in line with that plan. Australand shares jumped 5.6% on Friday to A$3.02, while GPT added 2.3% to A$3.60. CapitaLand owns 59.3% of Australand.