General Property Trust Limited , trading as
GPT Group, is an
AustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n company (also known as an
Australian Stock ExchangeThe Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
listed stapled entity) that is a property investor and manager in Australia, Europe and the United States. It has been publicly listed in Australia since April 1971, and for several years until the early 2000s was owned by the
Lend Lease CorporationLend Lease Group is a global property and infrastructure company headquartered in Sydney, Australia...
, with Westfield Group's Frank Lowy maintaining a 6.5% stake.
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General Property Trust Limited , trading as
GPT Group, is an
AustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n company (also known as an
Australian Stock ExchangeThe Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
listed stapled entity) that is a property investor and manager in Australia, Europe and the United States. It has been publicly listed in Australia since April 1971, and for several years until the early 2000s was owned by the
Lend Lease CorporationLend Lease Group is a global property and infrastructure company headquartered in Sydney, Australia...
, with Westfield Group's Frank Lowy maintaining a 6.5% stake.
The company made headlines in the Australian Financial Review throughout 2004 and early 2005 as the company, which is now independent, was courted by both Lend Lease and
StocklandStockland is a diversified Australian property development company.Founded in 1952 as a residential developer, it listed on the Australian Stock Exchange in 1957 and diversified into commercial developments in the 1960s.Its current activities include:...
for a merger - however, its unitholders rejected both offers.
Its largest shareholder is the
Government of Singapore Investment CorporationThe Government of Singapore Investment Corporation Private Limited is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves...
after the
sovereign wealth fundA sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals or other financial instruments. Sovereign wealth funds invest globally. Some of them have grabbed attention making bad investments in several Wall Street financial...
assisted to recapitalise it in October 2008. Mirroring the structure used by
Warren BuffettWarren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
in his transactions with
General ElectricGeneral Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
and
Goldman SachsThe Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, its fund manager David Leoy made the investment using convertible preferred securities and participation in GPT's rights issue at the very nadir of the global financial crisis.