MELBOURNE, Oct 22 (Reuters) - Australian listed property trust GPT Group (GPT.AX: Quote, Profile, Research, Stock Buzz) is getting set to raise A$1 billion ($680 million) in a share sale to help cut debt, pricing the new shares at a discount of as much as 50 percent, the Australian Financial Review newspaper reported on Wednesday.
The business daily said UBS was lead managing the rights issue, while Macquarie Group was seeking a role in the capital raising. The paper did not cite any sources.
A GPT spokesman was not immediately available for comment.
The raising comes as the group has struggled to sell off its Voyages Lodges chain of eco resorts and its U.S. seniors housing business, put up for sale in August as it sought to shore up its balance sheet.
GPT's shares last traded at A$1.15, which was 69 percent below its net asset backing of A$3.68 a share as of June 30.
While the group's shares have been pummelled along with other property trusts, fund managers say it has good assets and its main weakness is its offshore joint venture with Babcock & Brown (BNB.AX: Quote, Profile, Research, Stock Buzz). ($1=1.471 Australian Dollar) (Reporting by Sonali Paul)
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSYD39837320081021
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| Open | High | Low | Value | Volume |
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| Price($) | Vol. | No. |
|---|---|---|
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