this rumour has got to be a joke

Property group is cashed up and itching to play
Stockland has GPT in its sights, say the pundits.

THE property sector's current problems don't necessarily spell bad news for everyone. Whispers doing the rounds suggest that Stockland's Matthew Quinn is looking to pounce on counterpart Nic Lyons' GPT.

Such is the scenario being painted as a result of Stockland's latest cash-generating sales of part of its retail portfolio.

Quinn has so far raised $87.5 million through the sale of the group's Parabanks shopping centre in Adelaide and is understood to be quietly marketing another four of its retail centres - locations include Bathurst and Batemans Bay in regional NSW and Traralgon in Victoria's Gippsland - worth about $430 million.

Stockland's would-be partner in a punt for GPT could be the very cashed-up, private Industry Superannuation Property Fund (ISPT). Quinn could easily absorb the commercial assets which would leave the retail with ISPT.

GPT has said it is speeding up its exit from the European joint venture with Babcock & Brown to focus on its local business, but perhaps it has left that too late in the current climate.

Stockland's shares were up 13c at $6.79 yesterday while GPT were 5c to the better at $3.09.

SGP IS SUPPOSED TO BE RAISING A MERE $500 MILLION TO TAKE OVER A $6.6 MILLION COMPANY

EVEN IF IT WERE PART OF A CONSORTIUM IT WOULD SOUND A BIT RICH

THIS IS TOTALLY IRRESPONSIBLE JOURNALISM.

GULLIBLE PUNTERS COULD LOSE THOUSANDS ON SUCH SPECULATION