Australia’s GPT in H1 loss but “pressure easing”

Eriko Amaha

Australian property trust GPT Group posted a half-year net loss of A$1.2 billion ($992.5 million) on Thursday, after large asset writedowns, but it said pressure on valuations was beginning to ease.

GPT said the outlook for the Australian real estate market was improving and was on track to deliver its full-year guidance, targeting realised operating income of A$365 million for 2009.

Its two biggest shareholders are GIC Real Estate, part of the Government of Singapore Investment Corporation, and Stockland Group, which owns about 13 percent.

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