Australian investment trust GPT Group has completed the acquisition of Halverton Real Estate Investment Management, a pan-European investment and asset management firm with assets under management of over $2.2 bn (EUR 1.3 bn). GPT agreed to pay A$94 mln (EUR 70 mln) for the 50% it did not own in Halverton. GPT already held 50% of Halverton through a joint venture with Australian bank Babcock & Brown.
Australian investment trust GPT Group has completed the acquisition of Halverton Real Estate Investment Management, a pan-European investment and asset management firm with assets under management of over $2.2 bn (EUR 1.3 bn). GPT agreed to pay A$94 mln (EUR 70 mln) for the 50% it did not own in Halverton. GPT already held 50% of Halverton through a joint venture with Australian bank Babcock & Brown.
Nic Lyons, ceo of GPT, said the acquisition provides GPT with exposure to the European real estate market and meets the group's ambition to create an operating platform in Europe.