a startling buy and bought at 4.75, page-68

That is what I like to see.

Sydney - Wednesday - November 12: (RWE Aust Business News) -
Stockland (ASX:SGP) has acquired a strategic 12.7 per cent stake in GPT
Group (ASX:GPT) at a volume weighted average price of $1.07.
This includes the acquisition of the majority of holdings managed
by Perennial Investments via cash and the issue of Stockland securities.
Stockland also has an interest in GPT via an equity swap
facility.
Stockland, in total, has an interest in 507.3m in GPT securities.
The cash payment of $224.3m to Perennial for 195m GPT securities
is to be funded from existing debt facilities.
It will issue 51m Stockland securities to Perennial in exchange
for 195m GPT securities with the effective issue price being the closing
price of Stockland yesterday at $4.37.
The company has an off balance sheet exposure of $97m through the
equity swap facility with an investment bank for 117.3m GPT securities.
"GPT has a portfolio of extremely high quality assets, including
a number of iconic Australian shopping centres and office buildings,"
managing director Matthew Quinn said.
"The acquisition price of the GPT securities represents good
value for our security holders and we are pleased that Perennial has
decided to increase its investment in Stockland through this
transaction."
The acquisition of the GPT securities will not have a material
effect on Stockland's gearing ratio and have a marginally dilutive impact
on FY09 EPS.