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Australand Property Group (ASX:ALZ) has received a non-binding acquisition proposal pertaining to its Investment Property Portfolio and its commercial and Industrial business.
The unsolicited proposal was received by GPT Group (ASX:GPT) after markets closed on Friday.
As part of the purported acquisition, the property developer would retain its residential business and ASX listing.
Australand says the incomplete proposal is highly conditional and subject to due diligence and other factors.
The Australand board has not yet formed a view and as such recommended security holders take no action at this time.
Australand generated a net profit of $102 million in fiscal 2012.
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