27 May 2013 — GPT has withdrawn from pursuing its proposal to acquire Australand’s commercial and industrial assets and business.

Last December GPT expressed interest in taking over Australand’s most valuable assets, including a multi-billion-dollar investment property portfolio. However, today GPT stated that a price they would be willing to pay was unable to be reached, and they would not be pursuing the matter further.

GPT said it had consistently advised the market it did not need to proceed with the transaction to achieve its strategic goals, and would continue with its existing growth plans for its logistics and business parks and office portfolios, and would allocate capital accordingly.