GPT commits to another Australand bid

PROPERTY group GPT is continuing to pursue rival Australand in a bid to diversify its asset mix.

GPT made a $3 billion takeover offer for two thirds of rival Australand's businesses last December, but was rebuffed.

Unveiling GPT's full-year earnings, chief executive Michael Cameron said the company was committed to putting forward a new offer as part of a strategy to grow its logistics and business park portfolio from 12 per cent to 15 per cent of the business.

"Without Australand, we'd go about it in a more orderly way, one by one, instead of all in one go," Mr Cameron told AAP on Thursday.

"We've committed to advancing our proposal with them.

"We think we can create value for their security holders and our security holders."

Australand managing director Bob Johnston last week downplayed the prospect of a successful takeover bid, either from GPT or rival Mirvac.

GPT more than doubled its full year net profit and believes further earnings growth is on the way but at a slower pace.

Its net profit for the year to December 31 rose to $594.5 million, from $246.2 in 2011, thanks to a rise in the value of its property portfolio.

Revenue rose to $587.4 million from $573.8 million, while earnings per share (EPS) rose eight per cent.

Morningstar property analyst Tony Sherlock said GPT would be unlikely to pursue Australand at all costs, as its chief shareholder the Singapore-based Capitaland reviews its stake.

"If anything, the Australand assets are inferior to GPT," Mr Sherlock told AAP, adding GPT had Australia's best office portfolio.

This includes a premium $700 million waterfront office on Brisbane's Eagle Street, which opened in August last year.

GPT, which also owns shopping centres, forecast earnings per security growth of at least five per cent this financial year.

Mr Cameron said GPT was committed to its medium-term strategy of reducing the retail assets share of the business by value, from 56 per cent to 50 per cent, and increasing the office space proportion from 32 per cent to 35 per cent.

The 2012 result was driven by a $221.3 million increase in the value of the group's property assets, which offset a $40.4 million loss on derivatives.

GPT lifted its full year distribution to 19.3 cents per security, from 17.8 cents.

Securities in GPT closed down one cent at $3.79.

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