Australian property firm GPT Group announced strong full year results as it posted a growth in global assets under management to $8.5 bn in the year to 31 December 2007. European asset growth was particularly notable, growing to $3.4 bn excluding $300 mln in assets held for future funds, following the acquisition of Halverton. However, the group also saw net profits down nearly 12% to $1.2 bn.
Australian property firm GPT Group announced strong full year results as it posted a growth in global assets under management to $8.5 bn in the year to 31 December 2007. European asset growth was particularly notable, growing to $3.4 bn excluding $300 mln in assets held for future funds, following the acquisition of Halverton. However, the group also saw net profits down nearly 12% to $1.2 bn.
GPT acquired Halverton Real Estate Investment Management in July 2007 to create its European platform, GPT Halverton. The European platform now has 10 offices and 160 staff and the company expects the UK team to become more active as investments in the UK market become more attractively priced.
Funds which performed well over the year included: BIP, a partnership created for clients of CBRE Investors to invest primarily in multi-let industrial property in the Netherlands and Germany, which raised EUR 125 mln. The German Retail Property Fund (GRP) launched in December 2007 raised EUR 126.5 mln. First close of the DAF (the Dutch Active Fund) in December raised EUR 83 mln.
The statement added that the platform was ‘currently focused on the marketing of a large industrial fund (the Northern European Light Industrial Fund), which consists of the majority of the assets held in the Joint Venture’s pan European light industrial portfolio.’
Michael O’Brien, chief operating officer of The GPT Group, said: 'The European business has delivered steady growth in assets under management despite a more difficult market and is well placed to grow over time and to benefit from the potential opportunities provided by market changes.'
'GPT Halverton provides GPT with a modest exposure to new markets and growth as the business launches further funds over 2008. Although GPT Halverton has not invested in the UK, changing conditions in this market provide potential opportunities which, combined with our existing activities and platform in Europe, stand the Group in good stead to access steady growth over time as the business matures.'
