GPT pulls out of Australand bid

GPT Group has formally withdrawn its bid to acquire the non-residential businesses of Australand.

A $2.8 billion bid to acquire Australand’s investment property portfolio and commercial and industrial businesses was rejected in December.

"The GPT Group (GPT) announces that it has withdrawn from pursuing a proposal with the Board of the Australand Property Group (Australand) to acquire its Commercial and Industrial assets and business," said the A-REIT.

"GPT expressed an interest to work with Australand in early December 2012 to develop a proposal in the interests of both sets of securityholders.

"Following the completion of  detailed due diligence and discussions, it has become apparent that a transaction at a price that GPT is willing to pay is not possible.

"GPT has maintained a disciplined approach and has consistently advised the market that it does not need to proceed with the transaction to achieve its strategic goals.

"GPT will continue with its existing organic growth plans for its logistics & business parks and office portfolios and allocate capital accordingly," said GPT.