GPT to Merge With Aussie Trust

Published October 24, 2006, 2:00 p.m. EDT

1 Min Read

Government Properties Trust Inc., a real estate investment trust based in Omaha, Neb., has announced a merger agreement with Record Realty Trust, an Australian listed property trust.Under the agreement, a subsidiary of Record Realty will acquire GPT for $10.75 per common share in cash, subject to a possible reduction by an amount not to exceed $0.08 per common share based on certain contingencies, the companies reported. GPT invests chiefly in single-tenant properties under long-term leases to the U.S. government. Record Realty is an investor in structured real estate, managed by Record Funds Management Ltd., a subsidiary of Allco Finance Group. The U.S. operations of the merged business will be based in Omaha. GPT can be found on the Web at http://www.gptrust.com.

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