Property investor GPT Group
(ASX:GPT) says it has entered into agreements to sell the remaining malls in the US held through its joint venture with Babcock & Brown.
GPT says the assets are to be sold to two separate buyers for nominal amounts, with both buyers to take on existing debt obligations.
The company says as at June 30, 2009 the assets were held in its accounts at zero value.
CEO Michael Cameron says having completed this process and the divestment of the GPT Halverton business in December 2009, the company enters 2010 with a simplified and more transparent business, with GPT’s focus now firmly on Australia.
GPT Group posted a loss of $3.3 billion loss for calendar 2008.
